Blain’s Morning Porridge, July 27th, 2026“Are investment returns more important than security?”The UK has 6 relatively new “mega” Local Government Pension Schemes. They are investing in the UK and globally. But are they focused on the right things? Less than 10% of their significant PE assets are managed by UK based firms. They are giving their money to US firms – further deepening the negative feedback loop diminishing UK capital markets.The protection of the State is the primary duty of all governments. It is in the interest of all participants in the economy that conflict is minimised – and the only way to discourage aggression is to be prepared to fight. It is therefore an area to invest in.There is a really interesting article in yesterday’s Sunday Times, an interview with the CEO of Border to Coast, the UK’s largest pension fund. Rachel Elwell has £120 bln to invest on behalf of its pension savers – local authority funds that represent the employees of 18 local government pension schemes (LGPS) from Cumbria across the North to the Tyne, and down the East Coast to Sussex. She wants to invest local. Meanwhile, new Premier Andy Burnham has been getting a tough time, being asked difficult questions about what his No 10 North is going to achieve. The Torygraph basically says Burnham is guilty of treachery for even thinking about moving jobs to Madchester.Aye… back when I were a lad….You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!

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