This move comes against a backdrop of a noticeable decline in stock market flotations and a trend of companies departing from the City
Jeremy Hunt is reportedly gearing up to host a summit aimed at boosting the allure of London’s stock market for companies.
The Chancellor has extended an invite to the chiefs of some of the UK’s leading private tech firms for a meeting on May 16 at his official country residence, Dorneywood, Sky News has disclosed. This move comes against a backdrop of a noticeable decline in stock market flotations and a trend of companies departing from the City.
The exclusive day-long event is set to focus on fintech and biotech innovators, potentially encouraging them to take their businesses public, insiders revealed to Sky News. Also expected to attend are Treasury minister Bim Afolami and Lord Petitgas, who serves as Rishi Sunak’s adviser on business and investment, according to reports.
An invitation that was apparently sent out stated Mr Hunt’s intention to “discuss the UK’s capital markets and how they can support innovative, high-growth companies such as yours to achieve your growth ambitions. The UK’s capital markets play a key role in our economy: driving growth, creating jobs and facilitating investment.”
“The Government is committed to ensuring that the UK remains the best place for companies to grow, and is already taking forward an ambitious programme of reforms to improve the competitiveness of the UK.”
Digital banking giants Monzo and Starling Bank are among those believed to have received invites. Last week, Ocado saw its stock rise amid reports that it was being pressured by investors to move its listing from the London Stock Exchange to the New York Stock Exchange.
A spokesperson for the Treasury stated: “The Chancellor is meeting with a number of firms to hear their reflections on UK markets and what more the Government and regulators can do to support their growth.”