London's political model must be copied across the country to drive much-needed infrastructure projects and economic growth, insurance giant Legal & General’s chief executive said today.
Nigel Wilson, who has led an industry push to back transport, energy and housing developments, said a “more devolved, localist agenda” would help areas such as Birmingham narrow the gap with the capital, and he welcomed plans for an elected mayor of Manchester.
“We’re seeing the most progression [in terms of infrastructure projects] in areas that have strong chief executives or elected mayors,” he added. “London is the city in the UK that the rest needs to copy.”
The company said money held across the group now directly backed £4.6 billion of UK projects, out of a medium-term target of £15 billion.
Annuity sales hit a record £3.9 billion in the nine months ending September 30 as sales of larger bulk annuities for company schemes offset falling sales of individual annuities.
Assets controlled by its fund management business, LGIM, increased by 14% to £676.3 billion.
“We plan to build the business slowly and surely like a Geoff Boycott or Jonathan Trott... not like one of those 20/20 players,” Wilson added.
