Question

To ask the Secretary of State for Business, Innovation and Skills, what steps the Government has taken to follow up the recommendations in the Kay Review of UK equity markets and long-term decision making, published in July 2012.

The Department published a detailed progress report on the implementation of the Kay Review in October 2014.

The Government’s Productivity Plan, “Fixing the Foundations”, published in July 2015, emphasised the central importance of encouraging long-term business investment as part of an ambitious vision to boost productivity in the UK economy. In particular, the Plan welcomed an initiative by several of the largest institutional investors to develop an Action Plan to support and challenge companies to invest for long-term productivity and growth. The Government is engaging with the Investment Association as it takes forward this work, and is also considering what further steps may be appropriate to encourage a culture of long-term investment on the part of UK companies and their shareholders.