Labour council warned about Corbyn threat to its pensions

A LABOUR-run council has been advised to invest its pension assets abroad because of the ‘political risk’ of a Jeremy Corbyn government.

Advice sent to the Camden local authority warned of the dangers of the Labour leader’s renationalisation programme. Last week, he became embroiled in a row with Morgan Stanley after the financial firm said he was a bigger threat to UK business than Brexit.

Now it has emerged that even Labour councils are being warned of the risks a Corbynled government would pose.

The document sent to Camden Council was by London CIV, a £5.6billion fund management group that looks after local authorities’ pension schemes.

It advised against investing too heavily in the UK because of the ‘political risk’ of both Brexit and ‘a potential future change of government’.

This, it said, could lead to a ‘ sharp repricing of assets due to concerns over renationalisation’.

Camden Council told the Guardian, which revealed the document: ‘Viewing other organisations’ reports in no way reflects either our endorsement of or our opposition to any political party’s policies.’