Simon Walls

That's always when it's right and when there's enough information out there for the market.

Our preference is to remove a gate, whether it be a check from the regulator, in some cases for shareholders, and replace it with disclosures and show a bit of faith in the price formation process.

There's a lot of things.

I should stress that we're doing this across all of the UK different asset classes.

So it's not only focused on equities.

Obviously, today's reform perspective is a major element in equities.

We've set our own North Star metrics as the FCA alongside our strategy.

Those are big things.

We've got UK exports.

We've got the contribution that financial services makes to the overall GDP of the country.

But obviously, there's a lot of other factors that go into that.

For these particular reforms, yeah, we'll look at the speed with which companies can

to raise money.

We will look at, in time, IPOs, whether this makes it even more attractive to list and raise capital in the UK.

The early signs are good.

But of course, as implied in your question, there are loads of other factors that go into that.

We just want to make sure the regulation is an asset to the UK rather than an attraction.

I mean, you've quoted things there from the Chancellor's speech.

It's not my place to comment on.

All I would say is that the programme of reform taken together, each individual thing contributes to both whatever it does, but also the spirit in the city.