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Insurance firm Legal & General takes responsibility of housing crisis

Legal & General, Britain’s biggest pension fund manager, wants to build five new British towns over the next 10 years at a cost of up to £5 billion. 
The company, which manages £440 billion in assets globally, said building new towns and regenerating inner cities was the best way to address Britain’s housing crisis, and would also meet L&G’s aim of investing more of its pension fund money in infrastructure.
Speaking to The Sunday Times newspaper, L&G chief executive Nigel Wilson said Britain needs “innovative housing solutions”.
“If we can bring communities with us and agree planning, we’d like to help build several new towns across the country.  Demand far outweighs supply and if we’re going to tackle this problem we should look at what has worked in the past and see how it can be updated,” he added.
Wilson said that L&G is already developing towns within cities, in partnership with “enlightened local authorities and boroughs”.
L&G announced that it was looking for more opportunities to invest directly in infrastructure after it took a stake in British house builder Cala Homes in March last year. In December, it invested £169 million pounds in infrastructure assets, including a chain of care homes and a new hospital.