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| 1 minute read

A UK priority: Invest in the future, don't live off the past

In his final set of results as the chief of Legal & General (L&G), the esteemed insurance veteran Sir Nigel Wilson has advocated for increased UK investment to foster early-stage businesses and enable them to compete on a global scale. 

Wilson, an industry stalwart set to step down after over a decade at the helm of the FTSE 100 insurer, emphasized the necessity for an "investment-led growth strategy" encompassing planning reforms and a response to recent US legislation that bolsters domestic industries. Noting historical underinvestment in comparison to other countries, Wilson called for a reversal of this trend, emphasizing the need to better promote the UK's investment potential abroad. He drew attention to the US's proactive support for industries through legislation such as the Chips and Science Act and the Inflation Reduction Act, illustrating a contrast between the countries.

Linking to this perspective, recent reports highlight the UK's focus on attracting investment in tech startups, aligning with Wilson's views. The UK government's initiatives to broaden pension fund investments to include startups and innovative ventures align with his call for a backdrop supportive of modernizing the UK economy. Moreover, Wilson's insight into scaling up businesses to contribute substantially to the FTSE 100 mirrors the growing emphasis on nurturing startups and innovative companies to ensure sustainable economic growth, aligning with broader global trends in supporting entrepreneurship and innovation. As Wilson exits L&G, his stance resonates with the evolving narrative around strategic investments to drive economic prosperity and competitiveness in the insurance and broader business landscape.

“We’ve always been underinvesting compared to our peer group, and we should reverse that." Nigel Wilson, Group CEO Legal & General


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