London Stock Exchange chief Xavier Rolet joins business funding taskforce

  • 1-8-2012

Xavier Rolet, the chief executive of the London Stock Exchange, and Dame Helen Alexander, president of the CBI, are to join the Government's taskforce to propose new ways of funding business growth plans.

New chief executive of the London Stock Exchange Xavier Rolet poses for the media during a photocall outside the London Stock Exchange, in London
Xavier Rolet, chief executive of the London Stock Exchange Photo: AFP

The taskforce, which is headed by Tim Breedon, the chief executive of Legal and General, will look at how to bring alternative finance providers, businesses and other lenders together to ensure that funds are available to businesses that have robust plans for expansion.

Mr Breedon is due to report by the Budget in March on how to free up pools of finance. Writing in The Telegraph, he said: "We are [here] to explore alternative sources of finance and credit beyond normal bank lending for those UK companies which are not large enough to access public bond markets.

"In practice, this means the overwhelming majority of businesses, from those with turnovers up to £1bn, down to the small and micro-businesses which provide so much of the UK's employment.

"The starting point for our work needs to be a thorough review of the extent to which access to sustainable and affordable finance may become a greater problem as bank balance sheets reduce in size as capital and liquidity ratios are strengthened and credit is repriced in response to new regulation.

"We also need to understand the extent to which businesses are turning to other sources of finance."

Mr Breedon said he wanted to work with the banking sector rather than be seen as in competition with banks, which have been criticised for not supporting legitimate business growth.

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