The City of London Corporation, Policy Chairman Chris Hayward, said:

“The UK’s capital market is in urgent need of reform; we welcome these pro-business steps the Labour party have outlined.

“The City has a vital role to play in generating economic growth across the UK.

“Access to private and public capital for the UK’s high growth companies is vital to achieve that, so it is good to see the urgency created by the Labour party on this issue.

“New funding sources such as a Future Growth Fund, are the realisation of the recommendations under the Kalifa Review, of which the City of London Corporation was proud to support.  

“These reforms are just one piece of the puzzle, a vision for the wider financial and professional services sector is needed if we’re to remain ahead of our international competitors. The City Corporation along with leading industry figures will outline key recommendations for the entire sector later this Autumn.”

Lord Mayor, Nicholas Lyons, said:

“Recent events have put a spotlight on the need for reform of the UK’s capital markets, so we welcome the proposed recommendations from the Labour party.

“The UK is home to the most innovative and high-growth firms in the world, yet too many UK growth companies have no option but to access capital from overseas. 

“Urgent action is needed to support businesses to start, stay and scale-up in the UK. A Future Growth Fund, assembled from sources that include the UK’s defined contribution pension pot, could provide vital investment to high-growth industries from tech to life sciences.”