Bankers, brokers and accountants “largely supported” proposals unveiled earlier this year by the U.K. government to boost London’s listing regime, according to a report Friday by the financial center’s governing body.
Interviewees including representatives from the London Stock Exchange Group Plc, Deutsche Bank AG and law firm Linklaters back the introduction of weighted voting rights on the premium segment of the London stock exchange to give founders more control over their companies, and lowering the minimum stake that has to be floated in an IPO.
The support will be welcome news for the U.K. government after some of London’s biggest investors have expressed concerns that changing standards could weaken investor protections. When Deliveroo Plc listed in March, its dual-class structure was criticized by the likes of Legal & General Investment Management, even though the company is confined to the standard segment of the LSE for now.
City Corporation calls on policymakers to help UK compete with US for tech listings What is city talk?
The City of London Corporation has today (7 May) published a new research report calling on policymakers to take vital steps to improve the UK’s attractiveness as a destination for new listings.
London’s Equity Capital Markets Ecosystem finds that the UK should act to address the current disparity which exists with competitors, notably the US which currently accounts for more than half (53%) of fintech IPO listings.
The UK Listing Review, chaired by Lord Hill and launched by the Chancellor in November 2020, set out a number of recommendations in order to attract new listings.
Pedestrians walking in the streets of the City of London. Photo: AFP
Offices in London s City finance district left empty by the pandemic will be transformed into at least 1,500 new homes by the end of the decade, the City of London Corporation said recently.
The governing body which runs The Square Mile unveiled plans to work with the property industry to refurbish and develop deserted buildings, including for culture, retail, hospitality and start-ups.
The announcement comes as many office workers have permanently adopted remote work during the pandemic, leaving prime real estate vacant in Britain s historic financial centre.
The corporation s head of planning and transportation, Alastair Moss, said the City – home to some of the world s major blue chip firms – would adapt and prove resilient .
As history shows, the City of London is nothing if not adaptable and this remarkable
ability to reinvent itself in response to economic and social trends lies at the heart
of its success. Throughout the centuries, the resilience of the Square Mile has meant
that, whatever adversity it is hit with – great fires, plagues or wars – it has always
managed to rebuild itself better.
The publication last week of an action plan by the City of London Corporation’s
Recovery Taskforce is the latest example of this ability to always look ahead. As our
economy starts to reopen from the COVID-19 pandemic, this Taskforce – led by the
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