Prominent UK Companies Relocate to New York, Sparking London Stock Market Concerns
Several prominent UK companies, including AstraZeneca, have recently announced plans to relocate their headquarters or change their main listings, with New York emerging as a popular destination. This shift, driven by strategic and market reasons, has raised concerns about the impact on the London stock market today.
The trend began with wholesaler Ferguson, building materials manufacturer CRH, equipment rental company Ashtead, and fintech company Wise moving their headquarters to New York. AstraZeneca, while expanding its presence in the city, has decided to maintain its UK headquarters. Meanwhile, Just Eat Takeaway and TUI have chosen Amsterdam and Frankfurt respectively, citing strategic and market reasons. UBS is also considering a move to the USA due to regulatory capital requirements.
The potential exodus of these companies, with a combined value of £620 billion, has sparked fears about the impact on the London stock market's reputation. AstraZeneca's recent announcement of a full listing in New York has further fueled these concerns. CRH, Flutter, Indivior, and Ferguson have already made the switch, with Ashtead and Wise in the process of doing so. However, not all companies are following suit. Miners Glencore and Anglo American, worth a combined £73 billion, have ruled out moving to New York.
The relocation of these prominent UK companies to New York and other European cities highlights the global competition for business. While the London stock market faces potential challenges, the situation remains fluid, and the final impact on the UK's financial landscape remains to be seen.
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