A third of UK chief executives have considered moving their listing overseas, according to figures that deliver a fresh blow to London’s stock exchange.
The findings from advisory firm Teneo show 32 per cent of bosses have discussed with their board the possibility of moving away from the UK market.
It comes a day after a senior executive at US exchange Nasdaq admitted it was on the hunt for more British companies to list in New York.
And it is despite efforts by City grandees, regulators and politicians to revive London’s fortunes – amid soul-searching about the decision by companies such as Cambridge-based chip designer Arm to head for Wall Street rather than the Square Mile to raise capital.
The findings overshadowed the announcement by the Financial Conduct Authority (FCA) of detailed proposals to make the listings regime more accessible and competitive, with rules taking effect in the second half of 2024.
Teneo surveyed 260 public company chief executives and institutional investors.
In the UK, 81 per cent of bosses said the value of being listed had declined over the past year and, in a sign that they have little confidence in efforts to improve the situation, 57 per cent expect the decline to continue into 2024.
The chief executives pointed to the reduction of liquidity in the market as UK pension funds cut their holdings of equities, as well as concerns about corporate governance rule.
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