The dangerous rise of pension nationalism

Details of Ms Reeves’s plans are still to emerge. Her predecessor, Jeremy Hunt, set the ball rolling by mandating that defined-contribution pension funds will have to disclose the scale of domestic investments by 2027. Other countries are joining in. Stephen Poloz, a former governor of the Bank of Canada, is looking at how to increase pension-fund investment in domestic assets on behalf of the Canadian government. Enrico Letta, a former Italian prime minister, recently argued in favour of an EU-wide auto-enrolment pension scheme that could be funnelled into green transport and energy infrastructure.