London is back in business. We are witnessing confidence return to the City and optimism return to our capital markets as London is fast regaining its spark.
The facts speak for themselves – in just the last few weeks, we’ve seen a wave of new listings that show optimism is returning to the London Stock Exchange. The Beauty Tech Group — whose cutting-edge skincare solutions are backed by Kim Kardashian and Serena Williams — has chosen to list here. Fermi America became the first dual LSE-NASDAQ listing of this century when it floated last week, made possible by the modernisation of the UK’s listing rules last year.
I was delighted to attend both IPOs at the LSE last week, but I’m pleased to say that the good news doesn’t stop there. Shawbrook Bank and Princes Group, the maker of household items like Flora butter and Napolina tomatoes, have both since announced they are preparing to list in London, the second largest financial centre in the world and the largest in Europe.
These are huge brands with big global reach, spanning technology, finance and manufacturing – and they’ve chosen London. That’s a powerful vote of confidence in our markets and in the direction this growth-driven government has set. The fact that the majority of these companies will extend their offer to retail investors is another plus, meaning more people can benefit from the success of these fantastic businesses.
There are those who wish to talk Britain down, but those views are not shared by the businesses I meet day in and day out. When the Chancellor and I met companies considering listing in the UK only this week, the mood was one of optimism.
More broadly, there is a sense of energy and dynamism engendered by the ambitious reforms we’ve taken forward to strengthen and streamline our capital markets. Cutting unnecessary reporting burdens, tailoring prospectus requirements and unlocking capital through pension reform.
I’d argue that this positivity is no coincidence. It’s the product of hard-won stability and reform. Over the past year, we’ve worked hard to restore confidence in the UK economy after years of turmoil and instability — bringing inflation down, delivering stability that has enabled five consecutive interest rate cuts, and giving businesses the certainty to invest and grow. And we’ve also repaired relationships with key trading partners, signing deals with the US, the EU and India which have opened doors for our firms to compete and succeed globally.
At the heart of our approach are the Leeds Reforms – the blueprint to make the UK the best place in the world to locate and grow a financial services firm. From removing red tape to attracting inward investment and creating good jobs across the country, these reforms are delivering. Part of our modern industrial strategy is about ensuring our financial services sector supports the real economy — helping businesses access capital, and giving working people stronger pensions, mortgages and investment opportunities.
The Listings Taskforce, which the Chancellor launched at Mansion House this summer, is now helping power this next phase — engaging directly with businesses, investors and the capital markets ecosystem to build London’s already compelling pitch for listings.
Confidence breeds confidence. The FTSE 100 and FTSE have reached all-time highs. Investors are re-engaging. And crucially, the message from businesses is that they can feel the change — that government and the City are finally pulling in the same direction again.
Of course, there’s lots more to do to fully deliver on this promise. We have to be clear-eyed and laser-focused on the progress that we all want to see. That means further reform, attracting more innovative companies, ensuring deep domestic investment pools, and making our capital markets even more globally competitive.
But let’s not overlook what’s already happening. London is buzzing again. And the world is noticing. This is a country that’s open for business.