Brexit WIN for City of London as new companies bring in £13.9BN – three times 2020 figure

Aston Martin to go public on the London Stock Market

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Deliveroo came out on top, bringing in £1.5billion, followed by footwear brand Dr Martens plc with £1.3billion. In 2021 – Britain’s first full year of Brexit – 108 new companies debuted in the capital accounting for £14billion.

This is in stark comparison to 2019 when it was just 35 companies listed and 38 in 2020.

It comes after Chancellor Rishi Sunak introduced an overhaul of the UK’s public company listings regime to lure technology giants to the Capital.

Mr Sunak said Britain would “modernise” its listing rules to attract more high-growth and “blank cheque” SPAC company flotations to London.

 

And with signs it is working in a post-Brexit era, Mr Sunak said:“It’s fantastic to see that the City remains one of the best destinations for firms to go public.”

He said the regime would make London “more open, more competitive, more technologically advanced, and more sustainable”.

In 2021 a total of 53 companies were listed on the London Stock Exchange, raking in £11billion, in comparison to 22 firms in 2020 and 25 in 2019.

Professor Daniel Hodson, Chairman of the CityUnited Project and The City for Britain, told Facts4EU: “The City leads a highly competitive global market, but with envious Continental rivals.

“Brexit gives it massive opportunities to secure its position with quick regulatory reform, but far greater urgency and priority is needed for the earliest possible launch of a wholesale Sterling Central Bank Digital Currency to protect its core payments and settlements system from a continuing EU onslaught, not least out of Paris.”

The news comes despite Amsterdam overtaking London to became Europe’s biggest share trading centre a year ago.

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The City of London’s policy chief said it was vital the UK got ahead in global finance after Brexit and warned the COVID-19 pandemic may be masking some of the impact of leaving the EU.

Britain’s financial sector lost most of its access to the EU which had been its single biggest export customer, after completing its exit from the bloc a year ago.

Catherine McGuinness, whose five-year term as policy chief for the ‘Square Mile’ financial district ends in May, said that while the UK has adapted smoothly to Brexit, they were still working through the full implications.

Ms McGuinness said that while some 7,400 finance jobs, far fewer than initially predicted, have moved from London to new EU banking hubs, COVID-19 “may be masking what’s really going on”.

She said banks in London were still committed to having operations in the capital despite voicing frustration at the cost and time of running duplicate British and EU hubs.

Ms McGuinness said: “We are certainly not at a new normal.“We need to put Brexit behind us.

“What really matters now is maintaining our competitive edge in future.”

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