A Coat of Arms is displayed on the exterior of the London Stock Exchange. The LSEG has had to take action against one of its employees over an alleged racist video. (Photo by Sion Touhig/Getty Images)

An open letter to Rachel Reeves from Stephen Yiu, CEO of Blue Whale Capital

Dear Chancellor,

Your ambition to unlock long-term investment for British enterprise is the correct one. But that ambition is being directly undermined by a deep, structural flaw at the very heart of the City. The flow of growth capital to our most promising new companies is being throttled, not by a lack of willing investors, but by a conflict in the primary mechanism designed to allocate it.

Our national stock exchange has become a neglected subsidiary, a mere rounding error within a global data conglomerate who

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