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Finance (No. 2) Bill

I should declare my entry in the Register of Members’ Interests. I own 2 per cent. of an AIM-listed company; it has not done very well. Surely the point is that, although AIM is an excellent market that has fulfilled its remit extremely well and is therefore to be congratulated and supported, there are a number of important fund managers—particularly in the case of pension funds—who, for reasons of policy, decide not to invest on AIM and to confine their investment to the main market. The point of REITs is, among other things, to give those fund managers an opportunity to invest in an investment vehicle for property without the risk of being in a property company with developments, or being directly involved in property. Therefore, is it not perfectly appropriate to commence the scheme on the main market first, see how it goes and then extend it at a later stage to AIM, if thought fit?