Marcus Stuttard
The Head of UK Primary Markets & AIM, LSEG, addressed the SCALE SUMMIT on 23 April 2026
The UK has everything it needs to produce world‑leading scaleups. From exceptional founders and innovators to deep pools of capital and expertise.
Helping more businesses make that transition from growth to scale is central to building a more competitive, resilient economy.
The UK is a world‑class innovation nation. We consistently produce exceptional ideas and build businesses with genuine global potential. But innovation alone is not enough. The challenge, and the opportunity, lies in turning that innovation into sustainable scale: helping ambitious companies grow with confidence, resilience and long‑term intent.
That scaling phase is where some of the hardest decisions are made. It requires investing ahead of certainty, expanding into new markets while maintaining focus, and building leadership capability. These are not challenges that founders should face in isolation. Strong collaboration across the ecosystem, between founders, investors, policymakers and market infrastructure, is essential.
At the London Stock Exchange, we work with growth companies at different stages of their development, often long before any discussion of public markets. Through partnerships with organisations such as the ScaleUp Institute and initiatives like SCALE, we engage early with founders to support thinking around growth strategy, governance and long‑term ambition.
Access to capital is, of course, a critical part of that journey. Increasingly, there is a strong focus on ensuring that more UK capital backs UK growth companies. Overseas investment will always play an important role, but a strong domestic capital base helps anchor long‑term decision‑making, supports resilience through economic cycles, and keeps value creation connected to the UK economy. For scale‑ups, access to diverse and patient pools of capital at every stage can make a decisive difference.
London’s capital markets play a distinctive role in this ecosystem. They act as a bridge connecting innovation with global investment.
Public markets will not be the right destination for every company, nor the immediate next step for many. But more founders are thinking earlier about the disciplines that public markets reward through the provision of long term capital and liquidity: clear and credible growth narratives, robust governance, and accountability. These are not simply IPO considerations — they are the foundations of strong, scalable businesses, whatever route a company ultimately takes.
When we talk about public markets, it is easy to focus solely on listings or IPO moments. In reality, their role is far broader.
Well‑functioning public markets channel capital into productive businesses, support innovation and job creation, give millions of savers a stake in economic success, and promote transparency, accountability and long‑term discipline.
That is why there has been such a strong focus on improving the UK’s listing environment in recent years. Reforms to listing rules are designed to better reflect how modern businesses grow — providing greater flexibility, reducing friction, and ensuring our markets remain competitive, relevant and supportive of ambitious companies choosing to grow and stay in the UK.
Crucially, building a stronger scale‑up ecosystem cannot be confined to London alone. The UK’s growth potential is national, spanning cities, regions and industries across the country. Our public markets reflect this diversity, with listed companies founded and headquartered from the North West and Midlands to Scotland, Wales and the South West. What matters is not where a business starts, but that wherever it is founded, it can access the capital, visibility and networks it needs to succeed. Initiatives like SCALE, including its expansion beyond the capital, are vital in supporting inclusive, resilient, long‑term growth.
Getting the scaleup stage right does not just create stronger companies. It builds a stronger, more resilient economy. And that is why the work of this community, and the conversations fostered through SCALE, matter so much.
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