L&G commits £2bn to build affordable homes and boost regional growth

Legal & General has unveiled a major £2 billion investment package to support regional regeneration, build 10,000 social and affordable homes, and create 24,000 jobs across the UK by 2030.

The group’s latest commitment strengthens its focus on combining financial returns with clear social benefits.

The cash will target infrastructure, housing and urban development in partnership with local authorities, helping towns and cities unlock new economic opportunities.

L&G has also joined the Sterling 20, a coalition of Britain’s largest pension providers working alongside the government to channel long-term institutional capital into key infrastructure projects.

Drive national growth

The group’s chief executive, António Simões, said: “As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact.

“Our £2 billion commitment will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth.”

The Chancellor of the Exchequer, Rachel Reeves, said: “This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country.”

Summit will pledge more

According to the company, each project will be tailored to meet local needs, ranging from affordable housing and retrofitting schemes to innovation districts and public infrastructure.

The approach mirrors L&G’s previous partnerships, such as Newcastle Helix, a £350 million regeneration of the former Scottish and Newcastle Brewery site that delivered homes, offices and research facilities.

In Cardiff, its £1 billion City Square regeneration created 13,000 jobs and added £1.1 billion of value to the local economy through new homes, offices and transport links.

L&G’s pledge comes ahead of the first Regional Investment Summit in Birmingham, where the Sterling 20 group will meet to identify high-impact projects capable of unlocking further regeneration across the UK.

The partnership represents over £3 trillion in assets and signals a coordinated effort between private capital and government to rebuild Britain’s economic foundations.