The UK has 6 relatively new “mega” Local Government Pension Schemes. They are investing in the UK and globally. But are they focused on the right things? Less than 10% of their significant PE assets are managed by UK based firms. They are giving their money to US firms – further deepening the negative feedback loop diminishing UK capital markets.

Europe is waking up to the reality of conflict, acutely aware of the need to defend itself, to invest and produce weapon systems to deter aggression in what is a vastly changed geopolitical landscape. With the right approach it may even become a driver of growth across the European economy.