In 1997, UK pension funds invested 53% of their assets in British shares. Roughly how much was left by 2021?
Answer: D — 6%.
Parliamentary research citing New Financial shows the allocation falling from 53% in 1997 to just 6% in 2021. More recent government analysis tells the same story: domestic exposure within defined-contribution funds’ listed-equity investments fell from 40% in 2012 to 8% in 2023.