Amen! I’ve been preaching this for years. A few tweaks I’d suggest:

1. Do it to the trillions in UK insurance funds, too.

2. Scrap tax relief on pension contributions altogether. It is immoral to tax poor workers to give tax relief to people with enough excess to pad their pensions.

3. We need mechanisms to ensure these trillions flow solely into creating new domestic assets. Off-ramping into UK listed equities will create a massive unproductive stock market bubble.