Statement from Innovate Finance CEO Charlotte Crosswell in response to todays Budget
News on 3rd March 2021
“We welcome the findings of Lord Hill’s UK Listings Review today. This report and the Kalifa Review of UK Fintech published last week, provide recommendations that will cater to the changing dynamic of our listing and capital raising environment. We have an incredible pipeline of companies who are scaling rapidly and we must respond accordingly to provide options for growth and patient capital in the private and public markets.
We are particularly encouraged by the call to update rules around free float requirements and dual class share structures, in order to attract founder-led and high growth companies to list in the UK.
We are also pleased to see the Review addressing the competitive market for SPACs which are increasingly targeting European tech and fintech companies. The world has become even more interconnected, which risks a race to attract our most exciting companies to overseas markets.
While it is important to retain high corporate governance standards, we must also show that we are willing to adapt our listing rules to attract the most exciting companies onto our public markets. Ensuring that our indices include growth sectors such as technology and fintech will be more reflective of the future growth of the economy and in turn will ensure the index performance benefits from this growth in the coming years.”