Pension fund AustralianSuper to invest further 8 bln pounds in Britain, says UK government

The announcement comes ahead of a budget update on Wednesday which Hunt is hoping will boost Conservative Prime Minister Rishi Sunak's flagging fortunes before an election later this year. AustralianSuper's website says it manages over A$315 billion ($205.32 billion) of retirement savings on behalf of over 3.3 million members.

The British government said on Monday that pension fund AustralianSuper is set to invest 8 billion pounds ($10.15 billion) more in the country, taking its total investment to over 18 billion pounds by the end of the decade.

"This major investment from AustralianSuper will promote growth and strengthen the UK’s position as a leading financial centre, creating wealth and helping to fund public services," finance minister Jeremy Hunt said in the statement. The announcement comes ahead of a

budget update on Wednesday which Hunt is hoping will boost Conservative Prime Minister Rishi Sunak's flagging fortunes before an election later this year.

AustralianSuper's website says it manages over A$315 billion ($205.32 billion) of retirement savings on behalf of over 3.3 million members. The investment will release billions for innovative businesses such as clean energy and digital infrastructure, the government said in the announcement. ($1 = 0.7879 pounds)