MP looks forward to Autumn Statement
Today at Treasury Questions, John asked,
“The Chancellor has acknowledged that investment trusts, which constitute one third of all FTSE 250 companies, are being plagued by misguided cost-disclosure regulations which make them look unduly expensive. This is stifling investment and does not happen in any other country.”
“In addition to the positive dialogue we are having, and with the FCA, will he consider supporting the First Reading of Baroness Altmann’s Private Members’ Bill in the Other Place next week, which also helps to address this issue, and will he also consider the matter when it comes to the Autumn Statement?”
The Chancellor thanked John for his expertise, and said he could not say too much before next week’s Autumn Statement other than the way we treat costs is not optimal and requires attention.
John said afterwards,
“It is good the Government is aware there is a serious problem with the way investment trusts are compelled to count their costs twice, in line with EU rules which even the EU has now abandoned. I am encouraged by the Chancellor’s response, and look forward to the Autumn Statement next week.”
“I also hope the Government will support Baroness Altmann’s Private Members’ Bill, which seeks to correct this overzealous regulation.”
