He gets very angry with me when I point this out to him but it is still true:
And then, thirdly, this process has to be continued into the future. We have to ensure that there is ongoing real investment, not in financial “innovation” but in real wealth creation and real infrastructure that underpins that wealth creation by the people of the UK. That can come from the type of reform of the UIK pension system I have recommended in ‚ ‘Making Pensions Work’. We must require that at least 25% of all the pension contributions made in the UK be invested – not saved – but invested in wealth creation opportunities in this country. If that is through that same national infrastructure bank, that’s fine with me. If it is direct in new share issues by UK companies seeking to create new employment opportunities – and can prove that this is the case – then that’s fine too. But in this way I am convinced a further £20 billion can be released for investment in the UK economy.
Investment in new firms, new projects, new activities, is just fine of course. But that is what we call Venture Capital. So that really is what Ritchie is calling for: 25% of your pension savings must be put into Venture Capital.
Maybe it\’s a good idea and maybe it\’s not but it certainly sounds rather different when it\’s explained using the correct terms, doesn\’t it?