Asked by: Tulip Siddiq (Labour - Hampstead and Highgate)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when the review of the impact of private equity launched in July 2021 will conclude, and if he will place a copy of the findings of that review in the House of Commons Library.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Treasury did not formally review private equity in 2021, although it did consult in July 2021 on reforms to the UK’s regime for wholesale capital markets, including public equity markets, through the Wholesale Markets Review (WMR). The Government’s objective for the WMR is to deliver a framework that is fair, outcome-based and supports openness and competitiveness, whilst maintaining the highest regulatory standards.
The Government published its response to the WMR consultation on 1 March 2022 and is delivering the most urgent reforms that received strong support from industry as part of Financial Services and Markets Bill. Changes where respondents indicated that fast implementation is less paramount will be delivered via the Government’s wider programme to enact the repeal of retained EU law in financial services.