July 11, 2023: Britain revealed plans to ensure that billions of pounds worth of pension fund money will be unlocked to invest in early-stage firms, seeking to boost economic growth amid complaint the U.K. is becoming an unattractive place for technology.

In a speech late Monday, U.K. Finance Minister Jeremy Hunt outlined a host of reforms that he said would boost returns for pensioners by £1,000 ($1,283) a year by allowing them to reap the long-term returns from investments in privately-held startups.

Among the measures introduced by the government was an agreement among the country’s biggest defined contribution pension providers to allocate 5% of assets in their default funds to unlisted equities by 2030.

Hunt said that this could open up to £50 billion (roughly $64 billion) of investment in high-growth firms if all defined contribution pension schemes follow suit.

Meanwhile, he added that middle earners’ pension pots could rise up to 12% to as much as £16,000 with defined contribution pension schemes committing to more effective investments.

The U.K. has Europe’s most significant pension market, worth over £2.5 trillion.

“We want to be the world’s following Silicon Valley and a science superpower, embracing latest technologies like A.I. in a way that brings together the skills of our financiers, entrepreneurs, and scientists to make our country a force for good in the world, while leading the way on A.I. safety,” Hunt was due to express in his speech at Mansion House, according to prepared remarks shared with by the Treasury Department.

“That means making sure our financial services sector, traditionally so nimble and agile, has the right architecture to provide the best possible security for investors and capital for businesses, and the best talent right here in the U.K. to make that happen.”

Hunt also committed to an “intermittent trading venue” that allows public market investors to trade shares of unregistered firms. This would act as a central house for privately-traded firms looking for alternative ways of increasing capital for public listings.