Nicholas Lyons, the Lord Mayor of London and a veteran financier, has hit back against industry criticism of his plan for a £50 billion ($62 billion) fund to boost investment in UK growth companies.
The opposition is “from people with a vested interest in trying to prevent modernization of our pension schemes,” Lyons said in an interview. Opponents are “throwing up a smoke screen,” in focusing on his idea that fund managers could be compelled to hand over a small slice of their policyholders’ money to the fund, he added.
