Rachel Reeves wants to amalgamate 86 local government pension schemes into a handful of “megafunds” worth £360billion which will be encouraged to invest more money in the shares of UK companies. The Labour Chancellor outlined her pensions shake-up in last night’s Mansion House speech.

The reluctance of pension funds to invest in the UK is certainly bizarre. In 1997, they collectively owned 22.1% of the UK stock market but, by 2022, it was a paltry 1.6%. This is much to do with Gordon…