Britain already has the ingredients for stronger growth. Sir Nigel Wilson explains why long-term thinking, ambition and productive investment are the keys to turning that potential into reality.
Looking out across Canary Wharf, Sir Nigel Wilson sees more than one of London’s most recognisable skylines. He sees what ambition, patient capital and a willingness to think beyond political cycles can achieve.
Over four decades in financial services – most notably as chief executive of Legal & General and now as chair of Canary Wharf Group and Cambridge Innovation Capital – Wilson has helped shape some of Britain’s biggest investment decisions. Yet despite discussing subjects as varied as pensions, technology, housing, energy and regional growth, he returns repeatedly to the same central idea: successful economies are built through long-term thinking and judged by the outcomes they deliver.
Britain, he argues, is not short of capital, talent or opportunity. The challenge is bringing those ingredients together 20 more effectively. In a wide-ranging interview with Private Markets Profile, Wilson explains why he remains optimistic about Britain’s future – and what it will take to realise that potential.
Patient capital
Wilson believes the Mansion House reforms have moved the debate in the right direction but do not yet go far enough. “It’s the right thing to do, but the outcome has been very disappointing so far,” he says. “In part, that’s because of a lack of ambition from the pension funds themselves.”
He welcomes initiatives such as the British Business Bank’s new venture capital vehicle backed by Local Government Pension Scheme funds as evidence that investors are beginning to build vehicles with sufficient scale. The greater challenge, he argues, is developing the expertise within pension funds to back the industries that will drive future growth.
“The UK is a great place to invest. We account for more than 40% of Europe’s venture capital, which shows the level of foreign demand. What we haven’t put in place is enough infrastructure within our pension funds and institutional investors. There isn’t a big enough analyst community that understands life sciences, robotics, AI, autonomous vehicles and all the other exciting areas. Do I think it will happen? I think now it will.”
Every town and city needs the same things: ambition, accountability, capability and capital.
Britain missed the last major technology investment cycle while the US recycled capital and expertise into successive generations of businesses. He argues the UK cannot afford to make the same mistake again. “We’re now in the science and technology era, and we have to get back on the playing pitch and figure out how to scale up these businesses in the UK.”
One area where Wilson parts company with much of the pensions industry is on so-called mandation. While many welcomed the removal of powers to direct pension investment on fiduciary grounds, he believes ministers missed an opportunity to apply the principle of “soft compulsion” that so successfully underpinned automatic enrolment.
“The reason DC pension reform was so successful is twofold. The charge cap, which people were very grumpy about to start with. Then there was soft compulsion. People were put into a DC scheme unless they opted out – and more than 90% stayed in.”
Wilson believes the same principle could apply to productive finance by making growth equity and infrastructure part of default funds while preserving members’ right to opt out.
He also argues the tax system should do more to encourage investment in growth businesses. “We’re world leaders in start-ups, but as soon as we get into scale-ups, Series A and beyond, we start slowing down. By the time we reach Series D and E, we’re almost non-existent.
Core Infrastructure Summit 2026 | 11 November | London
“Make Series A funding tax deductible. Then money will flow in, in a heartbeat. At the same time, scrap Cash ISAs. We’re the only country in the world that gives tax relief for investing in cash. If taxpayers are providing tax relief, it should support investment that carries some risk and helps grow the economy.”
For Wilson, these proposals are about creating greater opportunities for younger generations. “My generation got free university, cheap housing and defined benefit pensions. Young people get none of those things. We have to start giving back. We need bold policy initiatives that get capital flowing into the businesses that will create the next generation of jobs.”
Wilson believes the same mindset should extend to Britain’s wider institutions. While managing systemic risk is essential, he argues it should not come at the expense of economic growth.
“We’re always trying to avoid tail events, which is the right thing to do, but this should not be at the expense of growth. If you grow the economy, then you can afford to do better things with education, healthcare and everything else that people want to see happen.”
Investment ecosystems
Wilson believes successful businesses rarely emerge in isolation. The strongest companies are built within ecosystems where investors, universities, entrepreneurs and skilled workers reinforce one another. As chair of Canary Wharf Group, he sees the estate as proof of what long-term investment can achieve.
“Canary Wharf is a city within a city. We’ve already got 20 million square feet, with another seven million square feet being built. Some of the biggest and most successful institutions in the world are here, but so are some of the most successful startups and scale-ups in the country.
It used to be predominantly financial services, but has become far broader. “We’ve got successful retail businesses, residential developments, theatres, public art, sports facilities and more than 100 pubs and restaurants. We welcome around 80 million visitors a year. It’s a place where people want to work, but it’s also somewhere people want to live.”
We’re now in the science and technology era, and we have to get back on the playing pitch.
For Wilson, however, the real success of Canary Wharf lies in the businesses it continues to create. “Ten years ago, two people were having a coffee in this building and founded Revolut. Today it’s worth around £115 billion. Many of the people who helped build Revolut have now started businesses of their own here. Fuse Energy is one example. UCL Business School has expanded here in exactly the same way. That’s what happens when you create an ecosystem where people can successfully grow.”
He is confident that the same model can be replicated across Britain. “We’ve got advanced manufacturing centres. We’ve got the Formula One cluster. We’ve got the northern cluster between Manchester, Liverpool and Sheffield. Every city we’ve visited has projects worth doing. They can succeed if people have the ambition.”
Competitive advantage
As chair of Cambridge Innovation Capital, Wilson believes Britain already possesses world-class scientific research and entrepreneurial talent. The challenge is identifying areas where the UK can establish a competitive advantage and backing them with long-term capital.
“In fintech, we’re world leaders without a doubt. But in other areas we have to step up. Are our scientists as good as American scientists and Chinese scientists in quantum computing and nuclear fusion? Yes. We have the intellectual property. What we don’t have is anything like the same level of investment.
“We need to identify niches that are appropriate for the amount of capital that we have. We’re not in a position to splash the cash everywhere, but we can back the areas where Britain has genuine strengths.”
Wilson believes artificial intelligence (AI) is one area where Britain can establish global competitive advantages in specialist applications, rather than competing across every aspect of AI.
We’re always trying to avoid tail events, which is the right thing to do, but this should not be at the expense of growth.
“The next phase won’t simply be artificial intelligence – it will be what I’d call real intelligence. The opportunities will come through vertical specialisation. Autonomous vehicles and healthcare robotics are examples. Cambridge Innovation Capital sits at the heart of many of these developments because there are brilliant scientists scaling these businesses.”
He argues that Britain’s challenge is not in generating scientific breakthroughs but capturing more of their economic value. Pointing to Cambridge successes such as Arm and Solexa, Wilson warns that unless the UK becomes better at backing growthstage companies, the next generation of technology champions is likely to create much of their value overseas.
“UK institutional investors are kicking themselves because they didn’t invest in science and technology 20 years ago. If they don’t invest now, they’ll be kicking themselves again.”
Housing outcomes
Housing policy, Wilson argues, should be judged by outcomes rather than targets. The objective is not simply to build more homes, but to ensure more people have access to appropriate places to live.
“Should it be a dream to own your own house? There’s nothing wrong with living in a rented house while saving through a pension. What’s the outcome we want? Better housing and appropriate housing for everyone. That’s what we should be measuring success by, not whether we hit a housebuilding target.”
Wilson believes there is considerable scope to make better use of existing housing stock. “We have an incredible number of empty houses across the UK, which seems an obvious place to start. I’d also make stamp duty exempt for people downsizing into housing that’s more appropriate for their circumstances. We should be much more concerned with getting people into the right housing than obsessing over a single housebuilding target.”
Institutional investment Conferences & Summits from Longview Networks
Private capital also has an important role to play, when building is required. “Housing is definitely an area where institutional investment can make a difference. Local authorities should be putting land in at the outset to kickstart developments. If the land cost is lower at the beginning and the value is shared later, many developments that are currently unviable suddenly become possible.”
Wilson points to the village where he grew up as evidence that well-planned development can strengthen communities rather than weaken them. “Eventually, a few hundred homes were built. Nobody’s complaining now because the school is thriving, the village shops are thriving, jobs were created and a bypass was built at the same time. The overall impact has been hugely positive.”
National priorities
Wilson applies the same emphasis on outcomes rather than ideology to Britain’s strategic priorities. Whether discussing energy security or defence, he argues policy should be judged by the prosperity, resilience and competitiveness it delivers over the long term.
“We’ve got the highest energy costs in Europe. We really should care because that’s the foundation of economic growth. America does fantastically well because it’s got very cheap energy. We’ve ended up with the highest energy bills in Europe, and we’ve failed to capitalise on the North Sea.
“Look at Norway. It has built one of the world’s largest sovereign wealth funds from oil and gas while also investing heavily in renewable energy. We need oil and gas for some time yet, and we should be producing it here, creating the jobs here and delivering a better outcome for the UK.”
The same philosophy extends to defence. “Defence is a legitimate asset class to invest in. We should be asking what capabilities we actually need. The whole defence sector has changed. We have great intellectual property in Britain – we now need to turn that IP into real growth.”
Local ambition
For Wilson, regional growth is where many of these ideas come together. Success depends less on constitutional reform than on giving towns and cities the ambition, capability and capital to shape their own futures.
“I’m not sure it’s about devolution. It’s about growing outside London. The Golden Triangle – Oxford, Cambridge and London – is doing incredibly well. Every town and city needs the same things – ambition, accountability, capability and capital.”
Wilson believes local leaders should spend less time looking to Whitehall and more time developing ambitious plans capable of attracting private capital.
“Our towns and cities need to be much more ambitious. Every one of them has universities full of people with ideas. Young people want to be entrepreneurs. We should teach them how to become entrepreneurs because a lot of them are going to have to create businesses of their own.”
He also believes Britain sometimes overcomplicates regeneration.
“When we were discussing [the redevelopment of] Swindon, they said it was complicated. [At Canary Wharf] we’re building 58-storey buildings beside the Thames with the Jubilee Line and the Elizabeth Line running underneath them. That’s complicated. Knocking down a few run-down flats beside Swindon station isn’t. People just have to recognise that change is a good thing.”
The same philosophy shapes Wilson’s view of transport investment. “HS2 became the objective rather than the outcome. We’re spending £7–8 billion a year on it, but what frustrates me isn’t whether the journey takes five or 10 minutes longer. I’d just like the WiFi to work properly.”
Across topics as varied as pensions, technology, housing, energy and regional growth, Wilson returns to the same principles. Successful economies, he argues, are built through long-term thinking, ambitious leadership and a willingness to judge policies by the outcomes they deliver rather than the targets they promise. Britain already possesses many of the ingredients for success. The challenge is bringing them together more effectively.
“As a society we’ve got amazing potential. Let’s be positive. Let’s change. Let’s get things done, and measure ourselves by the outcomes.”