A major technology company ignored pleas from the Prime Minister to list in London - opting instead for New York, as has a major construction materials group
, the tech firm’s co-founder. Mr Urquhart criticised ministerial plans for developing and manufacturing semiconductors.
“The Government has talked about doing these things for a large length of time. There has been very little continuity, very little strategy. Even now,He said the US, China and Europe, and Japan had all pushed ahead. “There is very little here in the UK. I think the Government are either unwilling to grasp the nettle or just have way too much else on to do and just aren’t thinking about it,” he told Bloomberg radio.
CRH, a Dublin-based, London listed firm, which already makes most of its profits in the US, said the move would strengthen its links at a time when it expects to benefit fromGambling group Flutter is also considering switching to the US and it was reported that oil and gas firm Shell also thought about a move. Several other firms have explored, or are actively considering, shifting their listing to the US.
Flutter said that early feedback from shareholders had been supportive. Last year, Ferguson, the plumbing group, moved its primary listing to New York, exiting the FTSE 100.The shadow Chancellor Rachel Reeves Rachel Reeves, Labour’s shadow Chancellor of the Exchequer, said companies looking to relist outside London “should be a huge cause of concern to the Government, both in terms of the prestige of the UK economy but also future tax revenues too”.
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