Ministers hint they will relax stock market regulations to encourage firms to list in London after Brexit
Ministers yesterday hinted they would relax stock market regulations to encourage firms to list in London after Brexit.
They hope this will bring investment and jobs, as well as provide a boon to City services firms.
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It comes amid concern the London market’s high standards are pushing technology firms to list in New York and Asia.
Concern: Lowering the bar for listings has been opposed by shareholder groups who said it could lead to a ‘financial wild west’
The EU says it wants to see how the UK plans to use its regulatory freedom to diverge from the bloc’s rules before granting access to European markets.
Yesterday Michael Gove, Minister for the Cabinet Office, said: ‘There are ways we can regulate financial services in a smarter way to ensure it is easier for companies to list here. The act of Brexit, we were told, would mean a migration of jobs from the City. That has not happened.’
Lowering the bar for listings has been opposed by shareholder groups who said it could lead to a ‘financial wild west’.
Tim Bush, of shareholder advisory group Pirc, said: ‘We will keep a wary eye on any watering down of listing requirements. The UK already has more accounting scandals than most markets.’