It would be hard to argue that the economy isn’t in worse shape now than if the UK hadn’t exited the EU while a proposed £50bn private wealth fund could be designed so that most investment is outside of London and the south-east, says Lord Mayor of London Nicholas Lyons.
On a visit to Wales, where four investors from the City talked to a number of high-growth potential fintech firms, the Lord Mayor said the UK Government’s planned reform of Solvency II rules - as a result of leaving the EU - were sensible and that current capital requirements were “ludicrous," but cautioned that it might not see a rash of projects that otherwise couldn’t have been done.
City veteran Mr Lyons is also a member of the UK Capital Markets Industry Taskforce, chaired by chief executive of the London Stock Exchange, Julia Hoggett. The taskforce is looking at how institutions could back a mega £50bn private wealth fund to support UK firms to expand - which could be bolstered if the UK Government invested alongside it with its own sovereign fund.
