U.K. pension funds and other institutional investors should join other countries’ investors benefiting from British infrastructure and other long-term investments and rely less on the stock market, said Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak in an open “challenge letter” Wednesday.
The Treasury‘s stamp duty haul has fallen by more than at any point in the past decade, as fears of Brexit continue to hit the struggling housing market. Stamp duty receipts from residential property fell by more than £900m in 2018-19 to £8.4bn, figures released by HM Revenue & Customs show a 10% decrease.
Thousands of homeowners in their 50s used high-interest equity release loans last year to unlock cash from their properties. But experts have warned that interest payments could erode the total value of the properties leaving retirees unable to downsize and with no inheritance to pass onto children.