The Rt Hon Rachel Reeves MP
Chancellor of the Exchequer
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ

Dear Chancellor,

The UK scaleup economy welcomes the Government’s final report on the Pensions Investment Review and the Government’s commitment to double the number of UK pension megafunds by 2030, thereby unlocking  billions of patient capital to scaling businesses across the country.

To enable more businesses to scale and reach their full potential, it is well evidenced that the UK must foster a vibrant continuum of growth capital – from early-stage through to public markets – ensuring businesses across all regions and devolved nations can access a deep and liquid pool of investors.  UK pension funds are central to achieving this goal and addressing the UK’s longstanding growth capital gap that have held back growth ambitions.

The measures announced by you today represent a significant milestone in ensuring British institutions back British business – at the scale required – to generate growth, employment and wealth.  They should ensure that UK businesses with global ambition get access to the local funding needed to scale, build, and stay in the UK.

To deliver tangible impacts on the ground we must now see the intent in these reforms, alongside the recently augmented Mansion House Accord, turn into practical institutional investment outcomes in every part and sector of the country, including our rapidly growing innovation and industrial sectors.

That is why it is so important that the Government’s plans today remain focussed on making sure these reforms are enacted swiftly, and that you will place powers into the Pension Scheme Bill to enable compliance.   

Your progress on the creation of the Business Growth Partnership through the British Business Bank, which now has the necessary regulatory approvals is also encouraging. This vehicle will be a vital part of helping to harness and connect pension fund capital allocations to the venture and growth capital ecosystem and high growth firms at regional and sectoral level. 

While greater mobilisation of this domestic capital will enable more of our innovative businesses to thrive, importantly it will also mean British pension savers can fully reap the benefits of their assets driving growth across the UK: Driving the UK forward from being an incubator nation to be the leading Scaleup Nation.

We all look forward to working with the Government and industry partners to ensure the ambitions of this review are fully realised and deliver lasting impact for the UK economy.

Yours sincerely,

ScaleUp Institute and the diverse representatives of the ScaleUp Ecosystem 

Irene Graham OBE, CEO, ScaleUp Institute

Margaret Rice Jones, Chair, ScaleUp Institute & plural NED

Sherry Coutu CBE, Serial Entrepreneur & plural NED, co-founder of ScaleUp Institute

Debbie Wosskow OBE, Multi-exit entrepreneur and co-chair of the Invest in Women Taskforce

Rodney Appiah, Managing Partner, Cornerstone VC

James Ashton, Chief Executive, The Quoted Companies Alliance

Steve Bates OBE, CEO, BioIndustry Association

Lucinda Bruce-Gardyne, founder of Genius Foods and Serial Entrepreneur

Stuart Clarke, CEO, Leeds Digital

John Connolly, CEO, C4DI

Shane Corstorphine, Chair & NXD to multiple tech scale Ups. Founder, Scale Up consulting LTD

Charlotte Crosswell OBE, Executive Chair, Raidiam / Non Executive Director, Freemarket

Julian David OBE, CEO, TechUK

Carolyn Dawson, CEO, Founders Forum Group

Professor Chris Day CBE, Vice-Chancellor and President, Newcastle University

Mia Drennan, Founder and Chief Executive Officer, Glas Agency

David Dunn, CEO, Sunderland Software City and Dynamo

Dr Catherine Fletcher, Partner, SCVC

Katie Gallagher OBE, Managing Director, Manchester Digital and Chair of the UK Tech Cluster Group

Serena Giaminardi, Head of Programmes and Investment, SETsquared Partnership

Anne Glover, CEO and Co-Founder, Amadeus Capital Partners

Jonathan Gold FRSA, Serial entrepreneur and Fund Creator

Andy Gregory, CEO, BGF

Charlie Guy, CEO & co-founder, LettUs Grow Ltd

Stuart Hendry, Senior Partner, MBM Commercial LLP and Invest2Scale

Philip Hare, Partner, Philip Hare & Associates LLP

James Harrison, CEO, Cycle Pharmaceuticals

Sahar Hashemi OBE, Co-Founder, BUY WOMEN BUILT

Thomas Hellmann, DP World Professor of Entrepreneurship and Innovation, Saïd Business School, University of Oxford

Janine Hirt, CEO, Innovate Finance and co-chair of the Unicorn Council for UK FinTech

Joanna Jenson, founder of Childs Farm, Chair EIS Association

Mark John, co-founder Tramshed Tech

Duncan Johnson, Chief Executive Officer, Northern Gritstone

Mel Kanarek, CEO, Sheffield Digital

Bindi Karia, Innovation Expert, Venture Partner, NED

Yiannis Maos MBE, Founder and Chief Strategy & Innovation Officer, TechWM

Nigel Mills CBE, Serial entrepreneur and co-founder The Lakes Distillery

Ammar Mirza CBE, Serial entrepreneur and founder ISS Airview

Michael Moore, Chief Executive, BVCA

Helen Oldham, Co Founder, Lifted Ventures

Dr Andy Richards CBE, Chair Arecor Therapeutics plc, Owlstone Medical, Congenica and Ieso Digital Health

Steve Rigby, Co-CEO, Rigby Group plc

Tim Robinson, COO, Tech East

James Robson MBE, Founder Exwold, angel investor and NED

Russ Shaw CBE, Founder, Tech London Advocates & Global Tech Advocates

Professor Eleanor Shaw OBE FAcSS MA PhD, Assoc Principal Ext Engage Partnerships, Strathclyde Business School

Ben Shorrock, CEO, TechSpark

Sam Smith, Co founder, The SuperScalers

Elaine Stroud, CEO, The Entrepreneurs Forum

Nick Sturge MBE, Owner, Omnigenix

Jenny Tooth OBE, Executive Chair, UKBAA

Dr Fiona Whitehurst, Associate Dean Engagement and Place, Newcastle University Business School

Lottie Whyte, Founder and CEO, MyoMaster