Insurer Legal and General (LG), has already invested in the region of £1bn in student accommodation, is now planning to build new affordable retirement homes.

Chief exec, Nigel Wilson told the Today Programmes’s Justin Rowlatt that the treasury has changed its regulations in order to allow pension funds and insurers ‘to invest in infrastructure instead of investing in foreign bonds’.

He also added that the company now planned to invest in ‘affordable housing, including long-term care and urban villages, for retired people’.