The Rest Is Money

213. The Decline And Fall Of The London Stock Exchange

Oct 5, 2025
The discussion kicks off with the alarming decline of London as a top destination for IPOs. AstraZeneca's recent move to the US sparks a debate on the hefty costs of UK stamp duty, which could be a game changer. The hosts examine how this trend could diminish UK's capital and jobs. They also tackle the idea of abolishing stock-related taxes and consider how cash ISAs may dissuade investment in home-grown companies. Crowdfunding trends are explored, showing how retail investors are increasingly participating in startup funding.
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London Loses Its IPO Standing

  • London has fallen out of the world's top 20 IPO markets and saw only 18 IPOs last year, the lowest ever.
  • The first half of 2025 raised just £160m, the weakest half in ~30 years, signalling a structural decline.
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Mass Delistings Shift Capital Abroad

  • Eighty-eight companies delisted or transferred from the LSE last year, the highest exit since 2009.
  • Most moved their main listing to the US, shrinking UK-listed corporate presence and capital flows.
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AstraZeneca's Listing Shift Risks UK Market

  • AstraZeneca is getting a full US listing while converting UK-traded instruments into British depository receipts.
  • That change could legally sidestep UK stamp duty and shift trading and investor focus to the US.
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