Policy & the QCA

The QCA aims to effectively represent the interests of the UK’s 1,100+ small and mid-sized quoted companies to government, regulators and other policymakers in the UK and EU.

Why do small and mid-caps matter?

Small and mid-sized quoted companies - also known as "growth companies" - are a vital market sector in the UK:

  • They employ over 2.1 million people and
  • Contribute at least £25 billion in taxes - about 5% of total UK tax take.

These businesses account for 91% of all companies on UK public equity markets, but make up just 15% of market capitalisation.

There is a vast difference in size between the largest 100 companies and the 1,100+ growth companies on the UK's public equity markets.

Small and mid-sized quoted companies are often disproportionately impacted by rules and regulations as they lack the resources to influence and react to regulatory and policy change.

What we want

At the QCA we emphasise proportionality in policy making and thinking “small first” when creating new rules and regulations for business.

We want to promote a good business environment, with low regulatory burden, for small and mid-caps currently on public equity markets so that they can focus on growth.

We also want to promote healthy public markets that are viable financing channels for the growth companies of the future.

What we do

  1. We engage with key stakeholders (for example HMT, BEIS, HMRC, FCA, FRC/ARGA) to bring them together with growth companies and help them understand
  2. We respond to consultations and other policy developments on behalf of small and mid-sized quoted companies - see recent policy responses here.
  3. We produce insight and analysis to help shape the agenda for policymakers.

The QCA’s policy work is run by a small team of staff that manages seven Expert Groups.

These groups bring together key individuals from QCA member firms to focus on specific issues.


The QCA/YouGov Small and Mid-Cap Sentiment Index tracks the business sentiment of the small and mid-cap quoted company sector and key issues affecting small and mid-cap quoted companies, their advisors, investors and other market participants.

Started in 2011, the Index covers issues such as confidence in the UK economy, hiring intentions, turnover expectations, access to finance, corporate governance, fiscal incentives and more.

You can download the reports on the results of the Index here: