The FTSE 100 giant revealed £2 billion plans to create 24,000 jobs

Monday 20 October 2025 12:01
| Updated:

Friday 17 October 2025 12:48

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FTSE 100 giant Legal & General (L&G) has revealed plans to invest £2 billion in regeneration projects across the UK in a move it says will create around 24,000 jobs.

The group said it would invest in ‘productive assets’ such as infrastructure, affordable housing and urban regeneration between now and 2030.

L&G added that it would help deliver around 10,000 new social and affordable homes across the country.

Funds will be allocated based on ‘local needs and demand’, the group also said. L&G already has direct investments in Oxford, Glasgow, Cardiff, Newcastle, Salford and Sheffield.

The plans come as the British government redoubles its efforts to encourage regional growth by using investment from pension funds along with public funding to deliver large-scale housing and infrastructure projects.

António Simões, group chief executive at L&G, said: “As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact.

“Our £2 billion commitment will help unlock needed investment in productive assets across the country – creating jobs, strengthening communities and driving regional and national growth.”

Reeves targets pension fund investments

L&G’s announcement comes ahead of its first Regional Investment Summit in Birmingham on Tuesday, 21 October.

There, the Sterling 20 – a new partnership led by investors from 20 of the UK’s largest pension providers and insurance companies – will meet to identify and fund key infrastructure projects across the UK.

Chancellor Rachel Reeves added: “This is a bid to get Britain building again – bringing together savings, investors and our regions to provide the homes, infrastructure and industry that will drive growth and create good jobs in every corner of the country.

“Our country’s pension funds are some of the largest in the world. When they invest in the UK, everyone will benefit – from the construction worker on site, to the small business on the high street, to those saving as their pension grows.

“The Sterling 20 shows what can be achieved when we all move in the same direction to build a stronger economy that benefits and rewards workers.”

L&G’s previous regional investments include a £50 million partnership with Newcastle City Council and Newcastle University that helped transform the former Scottish and Newcastle Brewery site into the 24-acre Newcastle Helix.

The £1 billion City Square development in Cardiff is also being planned by L&G together with the city council.

The scheme helps create new transport links, offices and housing, and helps create 13,000 jobs.

L&G’s claim that it will create around 24,000 direct, indirect and induced jobs was calculated using the National Housing Federation – Local Economic Impact Calculator and the UK RICS commercial real estate impact report.