Thread by @YeomanRuth

I don't want my pension fund investing in 'British entrepreneurial spirit'. That is not an investment goal with any social, environmental or economic value. And there are slim pickings amongst 'British success stories'.

theguardian.com/business/2021/…

James Anderson, outgoing head of Scottish Mortgage who knows a thing or two about investing in entrepreneurial companies, sees few value-creating opportunities in UK. What little we have, we sell off - ARM being the most egregious example.

ft.com/content/81d472…

For those that have a choice of where to grow their companies, the UK is not number one on their list. PsiQuantum founder, Jeremy O'Brien, developed the technology at Bristol University. But took his start-up to California.

proactiveinvestors.co.uk/companies/news…

Scottish Mortgage investments are too volatile for most of us. Pension funds have obligations to provide steady returns. @BorisJohnson & @RishiSunak have a real nerve going for our pension fund assets - given they are both responsible for wrecking the British economy #Brexit

So, looks like an unattractive variant of economic nationalism. @uklabour has been rummaging in this playbook, too. Actually, keeping assets within a locality is a good idea ('common wealth building'). But only when that locality is deeply interconnected to other localities.

And when economic power is fairly distributed within localities. This implies policies supporting co-ownership, good work, living wage, worker voice. Investments in education, infrastructure, public services. Encouraging cooperation between organisations in clusters & sectors.