Britain’s broken planning system has made UK projects too risky to invest, the head of the country’s biggest local government pension scheme has warned. Rachel Elwell, chief executive of Border to Coast, said Rishi Sunak’s failure to slash red tape meant investors were demanding a Nimby premium to plough money into the UK. The pensions giant, which is responsible for managing £60bn of assets, urged the Prime Minister to do more to reduce lengthy delays. Ms Elwell said: “The fact that it takes a decade to be able to link a new renewable energy source to the grid is just not good for the UK. And the amount of construction risk that brings to asset owners isn’t something that we typically would have in our risk appetite.” Mark Lyon, Border to Coast’s deputy chief investment officer, also warned that the FTSE 100 would struggle to shake its reputation as a “stale index” as a growing number of companies threaten to delist from Britain’s blue-chip group. While Border to Coast has £4.5bn invested in UK equities, Mr Lyon said it would be “difficult” to see the FTSE 100 “returning to [its] former glory”. In an interview with The Telegraph, Ms Elwell...