Pension fund experts have shot down ambitious plans outlined by Boris Johnson and Rishi Sunak to encourage vast sums of pension fund money into long-term UK projects, claiming they are unlikely to lead to the desired “big bang” the government desires.

The Prime Minister and Chancellor penned an open letter to the UK investment industry on 4 August, in which they call on pension funds and large institutional investors to “seize this moment” and devote “hundreds of billions of pounds” to drive the post-Covid economic recovery.