An open letter to Rachel Reeves from Stephen Yiu, CEO of Blue Whale Capital

Dear Chancellor,

Your ambition to unlock long-term investment for British enterprise is the correct one. But that ambition is being directly undermined by a deep, structural flaw at the very heart of the City. The flow of growth capital to our most promising new companies is being throttled, not by a lack of willing investors, but by a conflict in the primary mechanism designed to allocate it.

Our national stock exchange has become a neglected subsidiary, a mere rounding error within a global data conglomerate whose strategic priorities understandably lie elsewhere. To pretend it is thriving is to ignore the........

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