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 British 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
Alexandra Daly, Founder & CEO, AA Advisors
Julian David OBE, CEO, TechUK
Carolyn Dawson, CEO, Founders Forum Group
Professor Chris Day CBE, Vice-Chancellor and President, Newcastle University
Martijn De Wever, Founder and CEO, Floww
Mia Drennan, Founder and Chief Executive Officer, Glas Agency
David Dunn, CEO, Sunderland Software City and Dynamo
Chris Evans, Director of Innovation, Impact & Business and Director of Regional Engagement, Exeter University
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
Esther Gillespie, Chief Executive Officer, Jumping Rivers Ltd
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
Professor Monder Ram OBE DL, Director, Centre for Research in Ethnic Minority Entrepreneurship, Aston University
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