Overview
- Andy Haldane, speaking at the British Chambers of Commerce conference and in interviews on Thursday, urged changing pension and ISA tax reliefs to create a stronger ‘home bias’ in UK investment.
- Haldane said UK households hold around £9 trillion in financial assets but only about 5% is invested into British businesses and he warned more than 100 listed companies have shifted offshore since 2024.
- He estimated existing pension tax reliefs total roughly £50 billion and ISA reliefs about £10 billion and suggested those sums could be restructured to favour UK assets.
- Haldane is reported to be advising Andy Burnham but stressed he has not produced a detailed policy; the proposal remains an undeveloped suggestion rather than government policy.
- Adopting the idea would raise practical and political questions on cost, who benefits, legal limits on steering private funds, and how asset managers and savers would be affected.