Scotland business

'Stop moaning and invest', says Legal and General boss

legal and general logo Image copyright Reuters
Image caption Legal and General became the UK's first trillion-pound asset manager earlier this year

The boss of insurance and investment giant Legal and General says Scotland and the UK are still great places to invest, amid Brexit concerns.

Nigel Wilson said "we should be getting on and doing things" instead of "moaning and groaning".

His comments came as the UK and global money manager announced a £1bn profit for the year so far.

Mr Wilson said the company would continue to invest in a range of projects in Scotland and across the UK.

In the wake of Boris Johnson's "do or die" plan for the UK to leave the EU at the end of October - possibly without a trade deal - Mr Wilson said companies such as Legal and General were in a position to handle any problems.

Under-investment concern

"We've always had a view that there are lots of things we can do to self-determine success in the UK," Mr Wilson told BBC Radio's Good Morning Scotland programme.

"We should be investing more in housing, energy, transport, healthcare - and interest rates are at an all-time record low."

He added: "The UK is still a great place to invest. Scotland is still a great place to invest. Instead of moaning and groaning all the time we should just be getting on and doing things."

Mr Wilson said Legal and General, which this year became the first UK investment house to manage a trillion pounds of assets, would continue to invest in British firms.

"We are a country that has under-invested for 30 or 40 years in very basic infrastructure. Everywhere we go - whether it's Newport, Glasgow, Edinburgh - there's an endless list of places where we just see opportunities.

"We're the best country in the world in starting up new companies. We're one of the worst countries in the world in scaling up those businesses. Our job is to help companies scale up."

Mr Wilson said investments included backing Edinburgh-based tech firm Caresourcer - the UK's first comparison matching site for elderly care, which he said could be a "national champion".

Legal and General's half year profits represented an 11% rise, driven by growth in its corporate pension business and more money flowing into its asset management unit.

For the latest business news as it happens, follow BBC presenter Andrew Black's updates each weekday morning on BBC Radio Scotland's Good Morning Scotland programme between 0600 and 0900.