The strategy pursued by the City chiefs has been to develop themes that showcase the UK. No new political framework has emerged for the City of London since 2016. Now, it is true that none of European rivals have stood out from the crowd in the intervening years, but London’s position has not been helped by the inertia in the country’s politics. One survey released last week said underperformance had costed the UK economy £54 billion ($65bn) in 2019 alone.Ī number of bosses in the UK financial system backed Brexit as a reboot for the country. This compares with around 1 per cent growth in other big markets last year. Overall, productivity is falling to almost flat. They also make a difference inside the British economy. Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp, speaking in Tokyo in February 2022. But announcements such as these hit home about the relevance of the UK in the worldwide system.

Ever since Brexit, the UK has retained its global relevance largely through the financial markets based in London. These developments entail trouble for the London market as a whole and for the country’s place in the world. This decision, in particular, is symbolic of the UK’s position in the global markets: an Irish company that conquered European and American heights, CRH has outgrown the UK pond, so it wants US-based analysts to appreciate how it works. Next came the cement giant CRH, which plans to move its stock market platform to Wall Street too. And it is a trailblazer for the UK that has otherwise taken an evolutionary path away from London’s renowned capital markets. It is widely recognised as the UK-based supergiant in the chip industry. Before the takeover by SoftBank, the Cambridge-based ARM was traded in London. That announcement resonated for several reasons. The financial services industry took two big whacks last week with hopes for London listings dashed by leading firms.įirst, the Tokyo-based investor SoftBank rejected a London listing for the chip designer ARM in favour for Wall Street in New York.

If that is so, London is surely braced for more bad news.

London is declining as global city