Response from HM Treasury to the Committee’s 3rd Report of Session 2024–26, ‘Private markets: Unknown unknowns’
- HC No.
- —
- Published
- 9 Mar 2026
- Items
- 0
- Response
- No response document linked
Select Committee · Financial Services Regulation Committee
Growth of private markets in the UK following reforms introduced after 2008
Status: Open
Opened: 1 Jul 2025
2 reports
Inquiry scope
This inquiry looks into the growth of private markets in the UK following reforms introduced after 2008. In particular, the inquiry will examine whether the regulatory capital and liquidity reforms introduced after 2008 have reduced banks’ ability or willingness to lend, pushing risk away from the banking sector and towards private markets. It will also look into how much visibility the Bank of England has on the size of these private markets, their interconnections with the banking sector, and any potential spillover risks.Reports
3rd Report - Private markets: Unknown unknowns
- HC No.
- —
- Published
- 9 Jan 2026
- Items
- 0
- Response
- Response document linked Read government response ↗
Oral evidence sessions
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| Date | Session and witnesses | Source |
|---|---|---|
| 19 Nov 2025 | Daniel Rusbridge · HM Treasury, Lowri Khan CB CBE · HM Treasury, Lucy Rigby KC MP · HM Treasury | View ↗ |
| 11 Nov 2025 | Michael Roberts · HSBC, Stephen Dainton · Barclays | View ↗ |
| 5 Nov 2025 | Charlie Nunn · Lloyds Banking Group, Nathanaël Benjamin · Bank of England, Robert Begbie · NatWest Group | View ↗ |
| 29 Oct 2025 | Blair Jacobson · Ares Management Corporation, Daniel Leiter · Blackstone, Joseph Pinto · M&G plc, The Rt Hon Michael Moore · British Private Equity & Venture Capital Association (BVCA), Tristram Leach · Apollo Global Management | View ↗ |
| 21 Oct 2025 | Andrew Bailey · Bank of England, Sarah Breeden · Bank of England | View ↗ |
| 15 Oct 2025 | David Postings · UK Finance, Nikhil Rathi · Financial Conduct Authority, Sheree Howard · Financial Conduct Authority, Stephen Braviner Roman · Financial Conduct Authority | View ↗ |
| 17 Sep 2025 | Mark Steele · OakNorth Bank, Nigel Terrington · Paragon Banking Group | View ↗ |
| 10 Sep 2025 | Apostolos Gkoutzinis · Milbank LLP, The Lord King of Lothbury KG GBE · Bank of England | View ↗ |
| 3 Sep 2025 | Irene Graham OBE · The ScaleUp Institute, Louis Taylor CBE · British Business Bank, Martin McTague OBE · Federation of Small Businesses (FSB) | View ↗ |
| 23 Jul 2025 | Nicolas Véron · Bruegel, Professor Arthur E. Wilmarth, Jr. · George Washington University Law School | View ↗ |
| 9 Jul 2025 | Dr Narine Lalafaryan · Faculty of Law, University of Cambridge, Professor Ludovic Phalippou · Saïd Business School, University of Oxford | View ↗ |
| 2 Jul 2025 | Professor Kern Alexander · University of Zurich, Professor Simon Gleeson · Faculty of Law, University of Oxford | View ↗ |
Who gave evidence
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| Witness | Organisation | Sessions |
|---|---|---|
| Andrew Bailey · Governor | Bank of England | 1 |
| Apostolos Gkoutzinis · Partner in Corporate Finance, Securities and Leveraged Finance | Milbank LLP | 1 |
| Blair Jacobson · Partner and Co-President | Ares Management Corporation | 1 |
| Charlie Nunn · CEO | Lloyds Banking Group | 1 |
| Daniel Leiter · Senior Managing Director, Head of International and Global Head of Liquid Credit Strategies, Blackstone Credit and Insurance | Blackstone | 1 |
| Daniel Rusbridge · Deputy Director for Personal Finances and Funds | HM Treasury | 1 |
| David Postings · Chief Executive | UK Finance | 1 |
| Dr Narine Lalafaryan · Assistant Professor of Corporate Law | Faculty of Law, University of Cambridge | 1 |
| Irene Graham OBE · CEO | The ScaleUp Institute | 1 |
| Joseph Pinto · Chief Executive Officer of Asset Management | M&G plc | 1 |
| Louis Taylor CBE · Chief Executive Officer | British Business Bank | 1 |
| Lowri Khan CB CBE · Director of Financial Stability | HM Treasury | 1 |
| Lucy Rigby KC MP · Economic Secretary to the Treasury | HM Treasury | 1 |
| Mark Steele · Chief Risk Officer | OakNorth Bank | 1 |
| Martin McTague OBE · National Chair | Federation of Small Businesses (FSB) | 1 |
| Michael Roberts · Chief Executive Officer of HSBC Bank plc and Chief Executive Officer of Corporate and Institutional Banking | HSBC | 1 |
| Nathanaël Benjamin · Executive Director for Financial Stability Strategy and Risk | Bank of England | 1 |
| Nicolas Véron · Senior Fellow | Bruegel | 1 |
| Nigel Terrington · Chief Executive Officer | Paragon Banking Group | 1 |
| Nikhil Rathi · Chief Executive | Financial Conduct Authority | 1 |
| Professor Arthur E. Wilmarth, Jr. | George Washington University Law School | 1 |
| Professor Kern Alexander | University of Zurich | 1 |
| Professor Ludovic Phalippou · Professor of Financial Economics | Saïd Business School, University of Oxford | 1 |
| Professor Simon Gleeson · Visiting Professor | Faculty of Law, University of Oxford | 1 |
| Robert Begbie · Chief Executive Officer, NatWest Commercial and Institutional | NatWest Group | 1 |
| Sarah Breeden · Deputy Governor for Financial Stability | Bank of England | 1 |
| Sheree Howard · Executive Director, Authorisations | Financial Conduct Authority | 1 |
| Stephen Braviner Roman · General Counsel and Chief Risk Officer | Financial Conduct Authority | 1 |
| Stephen Dainton · President of Barclays Bank plc and Head of Investment Bank Management | Barclays | 1 |
| The Lord King of Lothbury KG GBE · Former Governor | Bank of England | 1 |
| The Rt Hon Michael Moore · Chief Executive Officer | British Private Equity & Venture Capital Association (BVCA) | 1 |
| Tristram Leach · Partner and Co-Head of European Credit | Apollo Global Management | 1 |
Correspondence
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