British government takes steps to restore London’s status as a global financial center | International News

Britain’s government is making changes to bring publicly traded businesses back to London, as fears grow that the city is losing its attractiveness as a global financial hub. Shein, the online retail giant founded in China, is now considering the London Stock Exchange for its initial public offering, a move that could be a big win for Britain.

London is still a crucial financial hub, but faces intense global competition from cities like New York, Hong Kong, Dubai, and Singapore. The emphasis on attracting public listings to London is not only a matter of pride, but also has good economic reasons. Public listings support a range of financial and professional service jobs and provide greater insight into the state of the economy.

The shift of companies like CRH and Flutter Entertainment to New York, as well as the departure of Arm, has raised concerns about London’s attractiveness for publicly traded businesses. The London Stock Exchange is dominated by companies from older industries, making it difficult to attract tech companies. Deliveroo’s IPO in 2021 was considered a flop, further compounding the problem.

Despite the challenges, London remains a more popular destination for IPOs compared to European neighbors like Paris and Amsterdam. British officials are working to overhaul the financial sector to make the city’s stock market more attractive to modern industries, particularly tech companies. The competition for investors is fierce, but London is seeking to reset and regain its status as a global financial hub.