BGF calls for a new British ISA to drive Britain’s long-term growth

With more than 90 signatories, including over 50 listed corporates, read the full open letter here.

15 November 2023

BGF has today become a lead signatory of an open letter advocating for a new creative approach to reforming ISAs at next week’s Autumn Statement, via a new British ISA or “BRISA”.

By giving taxpayers the chance to invest their full £20,000 allowance in UK listed companies, from next year, ISAs could put £68bn a year to work on behalf of the UK economy.

The letter has gathered more than 90 signatories including over 50 listed corporates employing over 150,000 people, alongside asset managers who hold multi-billion of investments in UK listed companies.

The call for action was a coordinated by BGF, Singer Capital Markets and a number of other key market participants, to encourage urgent solutions to the severe challenges facing the UK listed markets.

BGF, which invests in both Quoted and unlisted UK growth businesses, highlights the importance of nurturing the UK’s capital markets.

Paul Stevens, Head of Quoted investments at BGF, said: “The UK’s capital markets have been experiencing a downward spiral of investment with growth companies particularly impacted. This is making it increasingly difficult for companies to raise capital, invest for growth, compete on an international scale and, crucially, create British jobs and prosperity.

“We are highly supportive of proposals to boost investment into UK growth companies including the creation of a new British ISA and pension reforms. In order to respond to immediate needs of UK quoted companies and safeguard the future of the UK listed markets, bold action is required now.”

Read the letter in The Times today, 15th November 2023, and in full below.

Open letter in full


The Chancellor has made long-term decisions and boosting investment the two cornerstones of his economic strategy. Public equity markets are the mechanism for delivering on these pledges. They direct capital to growth companies, support growth across all regions in the UK and retain a world-class ability to attract talent and intellectual property to the UK. However, a downward spiral of investment and lower valuations has taken hold, resulting in companies being taken private and looking to other international markets, stifling growth and impacting the tax revenues crucial for funding public services.

A creative approach to reforming ISAs at next week’s Autumn Statement would help reverse this spiral by putting the £68bn a year invested into ISAs to work on behalf of the UK economy. A major oddity of the current ISA regime is that it offers the same incentives for savers to invest in overseas as well as domestic businesses. In seeking to respond to the challenge laid down by the US Inflation Reduction and CHIPS Acts it is important that the tax relief provided by ISAs supports UK investment, jobs and growth.

A new British ISA or “BRISA” would, from next year, give taxpayers the chance to invest their full £20,000 allowance in growing the UK economy and supporting her companies. This would drive interest from a wider pool of investors and create a multiplier effect, reviving interest in raising equity in the UK, driving economic growth, spreading prosperity and boosting tax revenues. Investors could still put money into overseas firms, just without the support of an overt tax break.

A recent Grant Thornton report showed AIM-listed companies alone supporting more than 400,000 jobs across the UK. According to the Quoted Companies Alliance, small and mid-sized firms contribute over £25bn to the Exchequer, equivalent to 4p of income tax. The Government’s own reports show listed companies invest more in Research and Development, fuelling the cause of higher productivity.

A British ISA, together with recent and planned pension reforms, can help deliver levels of investment needed to achieve the energy transition, level up the economy and create the jobs of the future. The time for talking is over. Bold action is now required.

Yours sincerely

Institutions Name Role
BGF Andy Gregory CEO
Downing Judith MacKenzie Head of Downing Fund Managers
Harwood Capital LLP Christopher Mills CEO
JO Hambro Andrew Perry Head of Investments
Liontrust John Ions CEO
Octopus Benjamin Davis CEO
Premier Miton Mike O’Shea CEO
River & Mercantile Hugh Sergeant Fund Manager
Rockwood Strategic Plc Richard Staveley Fund Manager
Tosca Matthew Siebert Fund Manager
Kestrel Max Royde CEO
Polar George Godber & Gerogina Hamilton Fund Manager
Aubrey Capitlal Sharon Bentley-Hamlyn Fund Manager
Mole Valley Craig Harper Fund Manager
Otus Capital Jonathan Sharpe Fund Manager
Man GLG Henry Dixon Fund Manager
Montanaro Asset Management Charles Montanaro Chairman
Brokers Name Role
Allenby Nick Naylor CEO
Canaccord Genuity Limited Nick Russell CEO
Cavendish Julian Morse CEO
Dowgate James Serjeant Group MD
Liberum Bidhi Bhoma CEO
Panmure Rich Ricci CEO
Peel Hunt Steve Fine CEO
Shore Simon Fine CEO
Singer Steve Pearce CEO
WH Ireland Philip Wale CEO
Winterflood Bradley Dyer CEO
Zeus Stuart Andrews Co-CEO
PLCs Name Title
Augmentum Fintech Plc Neil England Chairman
AB Dynamics Plc James Routh CEO
Advanced Medical Solutions Plc Chris Meredith CEO
Allergy Therapeutics Plc Manuel Llobet CEO
Alpha Group Plc Morgan Tillbrook CEO
Anapario Plc Richard Edwards CEO
Argo Capital Mgmnt Plc Andreas Rialas CEO
Bango Plc Paul Larbey CEO
Big Technologies Plc Daren Morris CEO
Brighton Pier Group Plc Luke Johnson Chairman
Brickability Group Plc John Richards / Alan Simpson Chairman / CEO
C4X Discovery Plc Clive Dix CEO
Cerillion Plc Louis Hall CEO
Creo Medical Plc Craig Guliford CEO
CVS Plc Richard Fairman CEO
DotDigital Plc Milan Patel CEO
Ebiquity Plc Nick Waters CEO
EnSilica Plc Mark Hodgkins Chairman
FD Technologies Plc Seamus Keating CEO
Fever Tree Plc Tim Warrilow CEO
First Group Plc Graham Sutherland CEO
Foresight Group Plc Gary Fraser Partner and CFO
Franchise Brands Plc Stephen Hemsley Exec Chiar
Frenkel Topping Plc Richard Fraser CEO
Gamma Communications Plc Andrew Belshaw CEO
Gresham Technologies Plc Ian Manocha CEO
H&T Plc Chris Gillespie CEO
Inspiration Healthcare Plc Mark Abrahams Chairman
IQGeo Plc Richard Petti CEO
James Halstead Plc Gordon Oliver CFO
Judges Scientific Plc David Cirurel CEO
Keystone Law Plc James Knight CEO
Learning Technologies Group Plc Jonathan Stachell CEO
LendInvest Plc Rod Lockhart CEO
LoopUp Plc Steve Flavell / Micahel Hughes (MBE) Co-CEOs
Loungers Plc Alex Reilley Chairman
Marlowe Plc Alex Dacre CEO
Marstons Plc Andrew Andrea CEO
Mattioli Woods Plc Ian Mattioli CEO
Michelmersh Brick Holdings Plc Frank Hanna Joint CEO
Midwich Group Plc Stephen Fenby CEO
Next 15 Plc Tim Dyson CEO
Ramsdens Holdings Plc Peter Kenyon CEO
RWS Group Plc Ian El-Mokadem CEO
Sanderson Design Group Plc Lisa Montague CEO
Smoov Plc Jesper With-Fogstrup CEO
Team17 plc Mark Crawford CFO
Tracsis plc Chris Barnes CEO
Vertu Motors Plc Robert Forrester CEO
Vp Plc Anna Bielby CEO
Warpaint Plc Samuel Bazini CEO
Baroness Altmann CBE Current member of the House of Lords, former Minister of State
Judith MacKenzie Chair of QCA
Lord Leigh of Hurley Senior Partner, Cavendish

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