(FT) Pension funds are resisting a UK government push to invest up to £50bn in projects and business to support economic growth, saying the country is not an attractive enough destination for more of their capital.

Executives from the £1.3tn sector attending a conference in Manchester on Wednesday said funds looking to support the government’s growth agenda amid high pressure on public finances were encountering myriad barriers.

These ranged from a lack of suitable investment opportunities to concerns about the high-risk nature of the areas the government was most keen for funds to plough their cash into.