Greg Jackson, founder and chief executive of Octopus Energy, has called on Chancellor Rachel Reeves and ministers to unlock billions of pounds in pension fund investment for British technology companies. He stressed that the UK cannot afford to wait years for such changes.
Plea for Urgent Action
Speaking during a panel discussion on technology sovereignty at The Times CEO Summit, Jackson said: "It is not obvious at the moment for a very large UK tech company where the best place is to list." He noted that Octopus has become dependent on overseas investors, with $2.9 billion of its $3 billion total investment coming from abroad.
"Our investors don't have the same sentimental, rational reasons to be attached to the UK, in the way a UK investor might," Jackson added. He urged the Government to act with the same urgency as major tech companies, saying: "The reforms to pensions are expected to take place over the next five years — you can't wait five years."
Consequences of Inaction
Jackson warned that without these changes, the UK faces rising energy costs and increasing pressure on the electricity network. "We have to do it not just for British companies and the British economy but for British pensioners and British investors," he said. "Unless we start making some difficult decisions, we are stuck in a world where we have spiralling energy costs, you can't get a connection [to the grid], and it challenges our ability to do everything from AI right through to running a warehouse and building houses."
