Primary Stock Exchange Listings

Baroness Neville-Rolfe Excerpts

Thursday 10th July 2025 Lords Chamber

Asked by

[Baroness Neville-Rolfe]

To ask His Majesty’s Government what assessment they have made of the implications of the decision by a number of companies, such as Wise, to shift primary stock exchange listings from London to New York.

[The Financial Secretary to the Treasury (Lord Livermore) (Lab)]

My Lords, the Government want to see high-growth companies start, scale, list and stay in the UK. Current market sentiment is challenging, but the UK remains the top destination for equity capital raising in Europe. The Government are focused on further boosting the competitiveness of UK capital markets. In her Mansion House speech, the Chancellor will set out a 10-year vision for financial services.

[Baroness Neville-Rolfe (Con)]

Since tabling this Question, AstraZeneca, the biggest company on the London Stock Exchange, has discussed shifting its stock market listing to the US. This would be a real blow to our stock market of £160 billion. It is also increasingly feared that AstraZeneca could be redomiciled to the US, risking losses for London as a hub, hundreds of jobs and tax losses for the Chancellor. What changes will the Minister make to the UK’s investment environment to stop the troubling and damaging exodus of high-value firms from our market? We would love some detail.

[Lord Livermore (Lab)]

I am grateful to the noble Baroness for her question. The Government recognise, as she did, that the UK’s equity markets have faced challenges in recent years, but that is not a new phenomenon; there has been a net decline in investment in UK funds for nine consecutive years. That is a matter for concern, of course, though it reflects global trends and the outflow in 2024 was £2.3 billion less than in 2023.

Firms may choose to list in other countries for a variety of reasons. The noble Baroness mentioned some specific companies. It would not be appropriate for me to comment on individual companies or on speculation, but, of course, the Government should do everything that they can, as she said, to improve the competitiveness of our market and the attractiveness of the UK as a place to list. We are taking forward reforms to boost competitiveness, including overhauling the prospectus regime and legislating for PISCES. This will complement the FCA’s rewrite of the UK’s listing rules, providing more flexibility to raise capital on UK markets. As I have said, next week at Mansion House, the Chancellor will publish our 10-year strategy for financial services, which will include capital markets.