Today was all about Eric. He has set out a consultation on plans to release up to £22bn of investment in infrastructure by allowing council pension funds to potentially double the amount they can invest into local building projects.

At the moment local authority pension funds can invest a maximum of 15% in limited partnerships used for property, private equity and infrastructure. 30% is now being floated.

Of course, we welcome deregulation where it gets in the way of using limited finances more wisely but we must make sure that our pensioners are not adversely affected. The very best returns for our pensioners is a top priority for me as it means we don’t then have to fill a pension black hole from the public purse.

We will be looking at this.