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On 26 February 2021, the Kalifa Review of UK Fintech published its much anticipated report on the state of the UK fintech industry. The report recognizes fintech s current importance to the UK economy and potential material opportunities in driving growth as part of Global Britain in a post-COVID environment, including potential investment reforms impacting Fintech investors and companies.
Summary of the Review and Investment Recommendations
The Kalifa Review s report sets out a Five Point Plan through which the UK can maintain its position as a leading fintech hub and further build on this to benefit the UK economy. The plan comprises sections on policy and regulation, workforce skills, investment in fintechs, international matters and national connectivity, and we ve focused on fintech investment for this alert. The Report also helpfully draws widely on input from many of the UK s leading fintechs, as well as sever
Rishi Sunak’s speech announcing the Budget yesterday contained only a brief mention of the Chancellor’s plan to make the City of London a more competitive financial centre. The “high-growth firms” that Sunak hopes will drive Britain’s economic recovery “need access to capital”, he said, and this will be achieved by “unlock[ing] billions of pounds from pension funds into innovative new ventures” and “changing rules to encourage more companies to invest here”. More detailed proposals for a shake-up of the stock market’s rules were published by the Treasury yesterday morning in the form of the UK Listings Review, which recommends allowing new share structures, reducing the amount of shares a company needs to sell to be listed, and relaxing rules around special purpose acquisition companies, or SPACs.
<p>Lord Hill, the former EU financial services commissioner, has published his recommendations from the UK Listings Review, which was launched by HM Treasury in November last year. </p>
By Michael Cross2021-03-03T14:39:00+00:00
Proposals to improve the attractiveness of a London stock exchange listing for startup companies were welcomed by City lawyers today. The chancellor of the exchequer used his Budget announcement to publish the
UK Listings Review, carried out by Lord Hill of Oareford (Jonathan Hill, the UK’s last EU commissioner).
UK Listings Review proposes dual class shares with enhanced voting rights
Source: Thinkstock
Lord Hill said his review aims to close a gap between London and other financial centres in North America and Europe. Key proposals include:
Modernising listing rules to allow dual class share structures in the main market, giving company founders enhanced voting rights on certain decisions
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