Make pension tax relief only available to savers prepared to invest in UK, Andy Haldane says

Haldane, a former Bank of England chief economist, says radical reforms of the tax system should be adopted as there is ‘trillions of pounds available for investment’. Photograph: Anadolu/Getty Images

Pension tax relief worth more than £50bn should only be offered to savers who are prepared to invest in Britain, according to Andy Haldane, the president of the British Chambers of Commerce.

There should be a “home bias” that directs retirement savings into UK businesses, closing a funding gap that hampers the growth of small- and medium-sized businesses, he said.