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State of the Nation

Regional policy is far from easy. Directing too much money into disadvantaged regions can be as bad as investing too little, warns Jon Moulton 

Is the Bank of England playing games with SWES?

 An eternity ago, this bloke from a Stoke-on-Trent grammar school was summoned to a job interview for the new graduate at the daunting Bank of England.

Buyout firms have treated the veterinary business as a bit of a cash cow but the CMA report offers a dog’s breakfast of remedies

"There is no disguising the fact that all these industries have generated examples of PE excess with unpleasant consequences"

Premiums on exits have taken a knock recently, so much so that valuations need a more sceptical eye.

Hard numbers show a worrying trend. In 2020 (depending on which data-set you use) exits on average were done at prices 35% to 51% above the last reported valuations. The 2025 numbers are now coming in. Data shows results from no premium to a discount of 5%.

Should governments have policies aimed at picking regional winners?

I write this with trepidation. Here are a few views about government intervention in the venture capital world.

How the FCA could help the growth agenda — by getting rid of the AIFMD

The Financial Conduct Authority (FCA) does not generate much in the way of seasonal good cheer and indeed I only know one half-decent joke featuring it:

Q: Why did the FCA cross the road?

A: To file a consultation paper on the other side