West Mids stock exchange to benefit from green paper
Following business secretary Vince Cable’s proposal for regional stock exchanges, the chief executive of the West Midlands’ inaugural virtual business exchange says she is “delighted” that the issue is on the agenda.
Cable revealed the green paper plans for local stock exchanges to encourage banks to lend to small and medium sized businesses.
Sue Summers, chief executive of Investbx, said: “We strongly agree that it’s vital that lifeblood businesses of the regional economy get the help they need while at the same time we reduce the UK economy’s dependence on the City of London.”
Investbx currently has just three companies listed and Summers hopes that introducing a network of regional stock exchanges will encourage a wider network to develop.
She said: “Investbx is the inaugural regional exchange of the 21st century and, as a result, people have been watching with interest to see how the idea has developed. This is even against the backdrop of the global downturn in investment markets, which is the environment in which we have had to become established.”
Cable announced proposals for local stock markets in a bid to enable small and medium sized businesses to attract investment.
“It is clear that innovative ways of securing investment will be necessary to help regional companies to grow," said Summers. “Regional exchanges, we believe, are just one of the ways this could be achieved.”
