Jul 7, 2022
L&G chief warns UK at risk of losing investment to US
L&G's chief executive has warned that the UK risks losing prized investment to the US if an overhaul of insurance rules does not go far enough, potentially undermining post-Brexit efforts to draw tens of billions of pounds into British infrastructure. Ministers have promised that radical changes being consulted on for Solvency II, a set of rules inherited from the EU, would unlock large sums for areas such as UK green energy, as part of an "Investment big bang". Insurers have warned that aspects of the reform pushed for by sector regulator, the Prudential Regulation Authority, which is working with the Treasury on the shake-up, could limit any investment boost. Speaking to the Financial Times on Thursday, L&G's chief executive Nigel Wilson questioned whether freed-up investment would indeed reach UK projects. L&G highlighted £4.5bn of risk transfer deals done in the first half, compared with £3.1bn in the previous comparable period, and strong investment management inflows.
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