Hermes, the asset manager responsible for the £30bn (€45bn) pension scheme of British Telecommunications, wants to invest in commodities.

Charlie Metcalfe, deputy chief executive of Hermes, told Financial News: "We are actively considering an investment in commodities. It needs the approval of the trustees, but if we go ahead we will probably start with a percentage allocation in the low single digits. Commodities are a great match for inflation and a growth asset."