Policy paper

Patient Capital Review

The Treasury has now concluded its Patient Capital Review, which considered how to support innovative firms to access the finance that they need to scale up.


Patient Capital Review: Industry Panel Response

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HM Treasury published a consultation seeking views on how to increase the supply of capital to growing innovative firms.

The Patient Capital Review was announced by the Prime Minister in November 2016. The review, which was led by HM Treasury, identified barriers to access to long-term finance for growing firms.

The terms of reference set out that the review would:

  • consider the availability of long-term finance for growing innovative firms looking to scale up

  • identify the long-term root causes affecting the availability of long-term finance for growing innovative firms, including any barriers that investors may face in providing long-term finance

  • review international best practices to inform recommendations for the UK market consider the role of market practice and market norms in facilitating investment in long-term finance

  • assess what changes in government policy, if any, are needed to support the expansion of long-term capital for growing innovative firms

Industry panel

This independent review, produced by a separate industry panel chaired by Sir Damon Buffini, outlines the key themes for the review’s consultation phase and provides a package of recommendations as part of a formal response to the review’s consultation, which have now been published. The members of the industry panel were:

  • Kym Lynn Denny, CEO, hVIVO PLC
  • Dr Fiona Marshall, FMedSci Chief Scientific Officer & Co-founder, Heptares Therapeutics Ltd
  • Ambarish Mitra, Founder and CEO, Blippar
  • Sara Murray OBE, CEO & Founder, Buddi
  • Tim Score, Former Finance Director, ARM
  • Juliet Davenport OBE, CEO & Founder, Good Energy
  • Neil Woodford CBE, Founding Partner, Woodford Investment Management
  • David Norwood, Acting CEO, Oxford Sciences Innovation plc
  • Stephen Welton, CEO, Business Growth Fund
  • Professor Lucy Armstrong, CEO, The Alchemist
  • Dr Mike Lynch OBE, FRS, FREng, Founder, Invoke Capital
  • Tim Hodgson, Head of Thinking Ahead Group & Founder, Thinking Ahead Institute
  • Stuart Paterson BA, CA, MBCS Partner, Scottish Equity Partners
  • Gervais Williams, Senior Executive Director, Miton Group plc
  • Dr Nigel Wilson Group, CEO, Legal & General
  • Tay Lim Hok, Deputy Group Chief Investment Officer/President, GIC Europe
  • Nikhil Rathi, CEO, London Stock Exchange Plc & Director of International Development LSE
  • Professor Fiona Murray CBE, Professor of Entrepreneurship, MIT Sloan School of Management
Published 23 January 2017
Last updated 22 November 2017 + show all updates
  1. Updated with independent report
  2. Updated with link to the Patient Capital Review consultation.
  3. Updated with Patient Capital Review Industry Panel Terms of reference and panel membership
  4. First published.