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Capital Markets

‘Capital is global’: Lord Hill on the right balance in UK listing review

In making his long-awaited recommendations on how to improve London’s standing as a venue for raising capital, Jonathan Hill faced the challenge of how to reform while not racing to the bottom.

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Jonathan Hill

“The task of improving London’s competitiveness and of strengthening our financial ecosystem should be seen as a task that is never complete.”

That conclusion, reached by Jonathan Hill in his review of the UK listings regime published on Wednesday, sets out the scale of the endeavour needed to ensure that London can improve its attractiveness as a venue for raising capital.

To Hill, a former European Commissioner for financial services, the case for action is clear. “The figures paint a stark picture,” he writes in his review, citing the fact that between 2015 and 2020, London accounted for only 5% of IPOs globally. The number of listed companies in the UK has fallen by 40% since a recent peak in 2008.

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