London Stock Exchange welcomes Markus Ferber MEP and the Federation of small businesses
London Stock Exchange today welcomed Markus Ferber MEP, Vice-Chair of the European Parliament’s Economic and Monetary Affairs Committee, and Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), the UK’s biggest business membership group, representing the interests of the UK’s growing 5.5 million-strong community of small businesses and the self-employed.
Mr Ferber MEP and Mr Cherry are outstanding supporters of SMEs and their access to finance. Their influential positions have secured tangible legislative breakthroughs including SME Growth Markets for Europe and a strong an powerful voice for UK SMEs in Government and business support services. Almost all (99.9%) UK private sector businesses are SMEs, providing 60 per cent of private sector jobs and generating £1.8 trillion turnover annually.
According to FSB research, only one in seven small firms applied for external finance in Q2 2017 and a tiny fraction of these (7%) sought venture capital. FSB is committed to raising awareness of the different finance options available to small businesses as well as addressing other issues within small business finance markets.
Markus Ferber MEP commented:
"It is an honour to open the market at London Stock Exchange today. Diversified financing opportunities are key for a successful economy and especially for small and medium enterprises. This is why we need to push forward with the Capital Markets Union. Strengthening equity financing will be a key part of this in the years to come."
Mike Cherry, FSB National Chairman, commented:
"It was a great privilege to open an institution that has done so much to help small firms from across the globe to grow and thrive.
"With Brexit talks now underway, negotiators must work towards a win-win scenario for the UK and EU 27. The Capital Markets Union is a clear example of where cooperation post the UK’s exit from the EU should continue to the benefit of all parties.
"We also need to see the British Business Bank readied to replicate the critical support that the European Investment Bank and European Investment Fund have provided for UK small business finance markets. As part of its enhanced role, the BBB should further its efforts to increase financial understanding within the small business community."