The government tries to unlock growth capital for British firms

If tax cutsMP are manna to many Tories, pension reforms are duller fare. No surprise then that Jeremy Hunt’s announcement of a “comprehensive package” on pensions, which aims to boost growth capital for British firms and returns for savers, got fewer cheers from s than some other measures he announced in his autumn statement on November 22nd. Yet in Britain have been allowed to fester too long. The chancellor’s interest in them is welcome.One issue preoccupying Mr Hunt is that startups in Britain struggle to access domestic growth capital. Retirement savings make up just 10% of Britain’s venture-capital pool, compared with 72% in America, according to Onward, a think-tank. British pension funds invest 15 times less in startups than their equivalents in Canada. Risk aversion among British fund managers stems partly from regulations dating back decades. Some eschew equities altogether.