The new lord mayor of London is looking to work with City institutions and the government to create an investment fund of up to £100bn to support fast-growing UK businesses.
Nicholas Lyons, the veteran investment banker and insurance executive, wants to use his City contacts to broker discussions on proposed financial reforms in the Square Mile after he takes over the largely ceremonial, year-long role on Friday.
As part of this, London’s 694th lord mayor will push for the creation of a UK pensions-backed fund that he believes could rival sovereign wealth funds such as those from the Middle East or Norway. “This is really about the long-term financial health of this country and the long-term financial future of pensioners,” he said.
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