Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of private capital market growth on institutional investor behaviour in public markets.

The UK’s vibrant and dynamic capital markets play a key role in supporting growth as identified in the Financial Services Growth and Competitiveness Strategy Call for Evidence - and the Government committed to strengthening UK capital markets and taking forward an ambitious programme of reforms. The Government will publish the strategy in July.

As part of these reforms, the government has also recently delivered legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) to respond to companies staying private for longer and at scale. It aims to make private secondary markets more efficient with a bespoke regulatory framework, while also providing a steppingstone to public markets.