LOCAL GOVERNMENT PENSION SCHEMES ASSET POOLS AND WALES

That this House notes measures announced by the Chancellor of the Exchequer in the Summer Budget of July 2015 to pool the assets of Welsh and English local authorities into six wealth funds of approximately £25 billion; supports the decision to direct the new wealth funds to invest in infrastructure; further notes that the combined assets of Welsh local authorities amount to £13 billion; and calls for the Welsh local government pensions schemes of Welsh local authorities and other Welsh public sector organisations to be pooled into a Wales-specific wealth fund to invest in Welsh infrastructure.