Responding to the Chancellor’s proposals on pension reform, Shevaun Haviland, Director General at the British Chambers of Commerce, said: 

“Increased investment in the UK economy is crucial if businesses are to deliver the growth, we all want to see. 

“And with firms facing into a wall of fresh costs after a tough budget, it is important that the Chancellor looks at the options to unlock more funding. 

“UK pensions can be a crucial component in doing that. They can generate billions for investment in infrastructure projects and the businesses of the future. 

“The UK is already recognised as one of the best places to start a business, but the ability to scale up remains challenging.  

  

“These reforms, coupled with other recent changes to the British Business Bank, could help our start-ups to expand, while staying in the UK and contributing to valuable economic growth.  

“But processes must be put in place to make sure these funds can quickly and effectively find their way into the bank accounts of our many promising SMEs. 

  

“Alongside this, we need to see more investment in UK unlisted equities to drive growth, as well as more collaboration between government and industry to unlock more capital in various pension schemes.”