Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on channelling pensions capital into the UK to support IS-8 sectors.

The Pension Schemes Bill was introduced on 5 June and will implement the reforms outlined in the first phase of the landmark Pensions Review,

The Bill sets out a vision for a pensions market with fewer, larger schemes which can use the benefits of scale to invest in productive assets – including investing in the eight sectors identified in the Industrial Strategy – as well as deliver better outcomes for savers.

These reforms support the Mansion House Accord, an industry-led pledge to invest at least 10 per cent of defined contribution default funds into private markets by 2030, of which at least half is in the UK.

Furthermore, last year the British Business Bank announced the establishment of the British Growth Partnership, designed to crowd in investment from UK pension funds for our most innovative, fastest-growing companies.