There is no such thing as an independent trustee. There are some very good professional trustees.

I expect my view will always be that if an investment is (a) a good investment and (b) good for the UK, the government should sell gilts and invest the proceeds. This convoluted approach of getting pension schemes to invest is such a waste of time.

Great to see Terry Pratchett’s influence expanding.

The case against looks stronger especially relative to gilts.

It is important to consider what is disorderly- the transition or the market reaction - and when the transition comes. The longer we wait the more likely the feedback loops and tipping points take over.