Before the last Conservative government was ejected from power by a General Election this summer, it had looked into whether the Local Government Pension Scheme (LGPS) could be used to invest in the UK ‘as a whole'.

A consultation considered if the funds that administer the scheme for England and Wales - one of the world's largest, investing around £361bn worldwide – could put up to 5% of their assets into what the last government was calling ‘levelling up'.