Legal & General (L&G), a prominent FTSE 100 company, has announced its intention to invest £2 billion in regeneration projects across the UK, a move projected to generate around 24,000 jobs. The company plans to channel funds into ‘productive assets’ such as infrastructure, affordable housing, and urban regeneration from now until 2030. L&G aims to facilitate the development of approximately 10,000 new social and affordable homes nationwide.
The allocation of funds will be determined by ‘local needs and demand,’ according to the company. L&G already has active investments in cities including Oxford, Glasgow, Cardiff, Newcastle, Salford, and Sheffield. This initiative coincides with the UK government’s increased focus on fostering regional growth through the combined investment of pension funds and public funding to deliver large-scale housing and infrastructure projects.
António Simões, L&G’s Group Chief Executive, stated, “As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact. Our £2 billion commitment will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth.”
L&G’s announcement precedes the inaugural Regional Investment Summit in Birmingham on Tuesday, 21 October. The event will feature Sterling 20, a new investor-led partnership comprising 20 of Britain’s largest pension providers and insurers, which aims to identify and finance key infrastructure projects across the UK.
Chancellor Rachel Reeves remarked, “This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country. Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow. Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people.”
L&G’s previous regional investments include a £50 million partnership with Newcastle City Council and Newcastle University, transforming the former Scottish and Newcastle Brewery site into the 24-acre Newcastle Helix. The company also supported the £1 billion City Square development in Cardiff alongside the city council, a scheme that created new transport links, offices, and homes, generating 13,000 jobs.
L&G’s claim of creating approximately 24,000 direct, indirect, and induced jobs is based on calculations using the National Housing Federation’s Local Economic Impact Calculator and the RICS UK commercial real estate impact report.
You must be logged in to post a comment.