Can London recover as a centre for capital raising?

The decision by its Japanese owners to relist ARM, the UK’s great technology success story, in the US instead of London was inevitable after years of decline and the hammer blow of Brexit. Deregulation might further accelerate its collapse, even as the City wins a boost from new technology bringing the vast pool of retail money into equity capital markets.

The decision by SoftBank, confirmed in statements to media at the start of March, to float UK technology company ARM only in the US rather than with a primary or even a dual listing on the London Stock Exchange (LSE) comes as a big disappointment to those desperate to pretend the City is not losing its status as a leading financial centre.

However, it was hardly a surprise.

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