Yes, pension funds are rich, but they won’t bail out Britain

Jeremy Hunt's fascination with the investment potential of retirement savings is understandable. But the obstacles are prohibitive

In these desperate times, everyone wants to find some money down the back of the sofa. Politicians are no exception. Taxpayer cash is difficult to generate - witness the growing disquiet on Conservative backbenches at the billions of pounds raised by chancellor Jeremy Hunt's long-lasting freeze on income tax thresholds.

Until fairly recently, borrowing from international investors carried an ultra-low price tag, but since the Liz Truss and Kwasi Kwarteng mini-budget debacle last September Treasury ministers have been unable to consider adding to the public debt as a low-cost exercise. Short-dated gilt yields are back up to the level of the Truss era, raising the cost of government borrowing.