L&G asks politicians to boost investment in building
Legal & General, a leading financial giant has asked the political leaders in the country to take steps to boost investment in housing and big infrastructure projects outside of London.
The pension and insurance firm has doubled its investments in housing and other UK assets to about £2.9billion. Company chief Nigel Wilson has said that company can do more to boost investment in the sector. The company has recorded a 10 per cent rise in pre-tax profits in the country. He pointed out that the UK economy is not facing liquidity problems and the government and firms can increase investments in the country.
Wilson said that the government has allowed quantitative easing and Help to Buy to create wealth among the rich and among the people who own properties without benefiting those who have less amount of money. L&G announced a 16 per cent rise in net cash generation to more than £1billion, while pre-tax profits totalled £1.13 billion. The company said that its fund attracted £17billion of inflows including £9billion in L&G Investment Management and took the total assets to £450 billion.