The Quoted Companies Alliance was among those attacking the capital gains tax reform as evidence that the government, rather than supporting smaller growing companies, is "hemming them in".

The organisation will continue its mission to champion the smaller companies under Donald Stewart. A partner with Faegre & Benson, a leading law firm working with Aim companies, he last week became the body's new chairman. Mr Stewart has been head of the QCA's legal committee, which spent much time last year wrestling with the EU's Transparency Directive.