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“Private capital is important to fulfilling our missions” – key takeaways from the BVCA roundtable with the Shadow Chancellor

Publish Date 1 Mar 2024
Categories Insights
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On 23 February, the Shadow Chancellor Rachel Reeves MP met with the BVCA and senior private equity and venture capital members to showcase the value of the industry in supporting businesses across the UK.

This was a major opportunity to provide success stories of investments within the UK, the scale of the jobs and businesses backed by private capital and outline challenges faced by investors within the UK.

We were really pleased to hear the Shadow Chancellor describe how key the industry is to supporting Labour’s ambitions of achieving the fastest sustained growth in the G7, ensuring fast growing businesses remain within the UK, and expanding the footprint of the financial services industry outside of London.

Reeves also highlighted how the BVCA’s Investment Commission recommendations, which aim to tackle regulatory and policy uncertainty and talent shortages amongst others, tie into Labour’s plans for ensuring stability, long term planning and prosperity.

An important objective for Labour is to reform the UK pension sector so that more pension assets are invested into fast growing businesses. Attendees outlined the lack of domestic capital being invested into their portfolio businesses and emphasised their commitment to working with the pension sector to achieve this goal. Reeves recognised the work of the Investment Compact and outlined the Labour Party’s plans to support this goal. Reeves pressed for specific policy recommendations to take forward.

Throughout the meeting, private equity and venture capital members provided case studies of investments outside of London, showcasing well-known brands backed by the industry.

The Shadow Chancellor ended by emphasising the expertise and drive of the investors in our industry and their role in fostering the growth of UK businesses. Rachel thanked the BVCA for its work in supporting the Shadow Treasury team over the last three years including on her financial services review and the start-up and scale up review.

 

Authored by Mia Forti
Senior Public Affairs Executive, BVCA


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