In March’s Budget, Jeremy Hunt said we would have to wait until the Autumn Statement to hear the government’s plan for perking up interest in the London Stock Exchange and its companies. That statement is now just a month away, and while further delays would come as little surprise given recent track records, there are signs that some kind of change is afoot – and private investors may end up at the heart of it.
Six months ago, the consensus was, as is so often the case, that something needed to be done. Action in such circumstances is far from guaranteed. Serious problems rarely have simple solutions, or rather they rarely have solutions that are palatable to politicians.
In this particular instance, decisions are now being made, even if these aren’t necessarily big decisions. They may not even be the right ones. This week’s move to abandon certain planned audit reforms, for example, has been badged as part of a push to lessen the reporting requirements faced by listed businesses. But it has been criticised by others as a removal of the much-needed additional oversight highlighted by the collapse of companies like Carillion.