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Why do we need to act? Although listing on the premium listing segment of the FCA’s Official List has historically been globally recognised as a mark of quality for companies, the figures paint a stark picture: between 2015 and 2020, London accounted for only 5% of IPOs globally.1 The number of listed companies in the UK has fallen by about 40% from a recent peak in 2008. Commentary about increased flows of business to Amsterdam make the point that we face stiff competition as a financial centre not just from the US and Asia, but from elsewhere in Europe. One look at the composition of the FTSE index makes clear another challenge: the most significant companies listed in London are either financial or more representative of the ‘old economy’ than the companies of the future. At one point last 1 LSE for listed companies and Dealogic for share of global IPOs Letter to the Chancellor UK Listing Review 2 summer, Apple alone was worth more than the combined value of every company in the FTSE 100.2 Although the UK has great strengths in technology and life sciences, too few of the innovations we have seen have led ultimately to UK companies coming to the public markets in London. Today, we can see the possibilities offered by the strong potential pipeline of tech IPOs if we are able to persuade them of the many advantages of listing in London. We cannot afford to miss the opportunity that this represents either for our future as a financial centre or as a source of returns for investors large and small
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