Rachel Reeves has announced plans to create a “backstop” power in new pensions legislation, compelling major pension funds to invest in British assets, aiming to unlock over £50bn for domestic infrastructure and businesses. The initiative includes forming pension “megafunds” with at least £25bn in assets to enhance returns and reverse the decline in UK investment, which has dropped from over 50% in 2012 to around 20% in 2023. Critics, including Aviva’s Dame Amanda Blanc and Shadow Chancellor Mel Stride, have condemned the mandate as excessive government intervention in public savings.