London’s broken listings regime is pushing British firms out the door

cityam10-30

Several miners have been reassessing their ties to the London Stock Exchange Every firm that abandons its London listing makes the next departure more likely, says Paul ScullyDuring my four years as ...

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When shareholder pressure mounts the gravitational pull toward Toronto or New York is likely to become irresistible.Push factorsAnd that’s where Britain’s broken rules are creating a push factor that could prove catastrophic for the Chancellor.Get weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from CityAM’s Opinion Editor, delivered every Saturday.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LSE":"Leishen Energy Holding Co., Ltd.","BK4179":"石油天然气设备与服务"},"translate_title":"伦敦破碎的上市制度正在将英国公司推出门外","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LSE":1},"content_text":"Several miners have been reassessing their ties to the London Stock Exchange  Every firm that abandons its London listing makes the next departure more likely, says Paul ScullyDuring my four years as Minister for London, I championed our capital as a global business hub. I welcomed the work of the Treasury and the Financial Conduct Authority on reforms to make our markets more competitive. But as optimistic as I am, it’s too easy to see the power of our global hub erode through unintended consequences. I now watch with growing alarm as the rules designed to protect London’s markets are driving British companies away. The proposed Anglo American-Teck merger exposes a fatal flaw in our listing regime that could cost the UK billions in tax revenue and accelerate the exodus of British companies to North America, making Rachel Reeves’ difficult dash for growth even harder.Last week Anglo American’s CEO refused to guarantee the company’s primary listing will remain in London long-term, stating he’s “not making any such pledge” despite currently planning to retain the LSE listing after their merger with Canada’s Teck Resources. The new company will disappointingly move its headquarters to Vancouver, but will remain incorporated in London with its primary listing on the London Stock Exchange (LSE). But for how long?The combined entity faces ejection from Canadian indices because of its London incorporation, creating immediate pressure from index investors. When shareholder pressure mounts the gravitational pull toward Toronto or New York is likely to become irresistible.\n\nPush factorsAnd that’s where Britain’s broken rules are creating a push factor that could prove catastrophic for the Chancellor.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUnder the FCA’s current rules, UK companies with a primary listing overseas are not eligible for the UK’s secondary listing category. This secondary category, introduced in the FCA’s 2024 reforms, was “specifically designed to have a limited scope” and applies only to non-UK incorporated companies. UK incorporated companies that wish to have a secondary listing in the UK are expected to apply for the full commercial companies listing.This technical distinction has enormous practical consequences. If Anglo American eventually moves its primary listing to Toronto or New York, a move which to me is looking increasingly likely, it faces a choice of either complying with the full burden of UK listing requirements, or moving its incorporation to outside the UK.The second option means paying substantially less UK corporation tax and goes against everything that Rachel Reeves needs to deliver in November. We’re incentivising Britain’s largest companies to abandon their London listing, potentially sacrificing billions in future tax receipts.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2579164784","isCrawlerRequest":true}