Chancellor pledges to build more diverse financing system

The Chancellor said there is a need to build a more diverse financing system where the benefits of investment in high growth firms are available to more investors.

Jeremy Hunt said he will return in the autumn statement to deliver this proposal and it will include measures to make the London Stock Exchange a “more attractive place to list”.

Mr Hunt also said he wants to reform the regulations around medicines and medical technologies. He said of the Medicines and Healthcare products Regulatory Agency (MHRA): “From 2024, they will move to a different model which will allow rapid, often near automatic sign-off for medicines and technologies already approved by trusted regulators in other parts of the world such as the United States, Europe or Japan.

“At the same time from next year they will set up a swift new approval process for the most cutting-edge medicines and devices to ensure the UK becomes a global centre for their development."