Don't panic, says stock market boss as firms leave UK

The chief executive of the London Stock Exchange, Julia Hoggett, has rejected claims that the UK is in crisis, despite the fact that many large companies worth billions of pounds are leaving for the US. According to company bosses, the UK is facing an 'existential crisis' as several big firms have already left, are thinking about moving, or have been acquired by private foreign investors. However, Hoggett remains optimistic, stating that there's no sense of panic and that the UK is already performing well. The Treasury also shares this view, emphasizing that the UK is already one of the best places in the world for growth and investment. They are actively working on enhancing the UK's competitiveness to attract both domestic and international companies. Chancellor Jeremy Hunt is set to convene a summit with finance chiefs to explore ways to enhance the appeal of UK markets to companies at home and abroad. The presence of big companies on UK markets is crucial because it attracts other industries such as insurance, accounting, law, and pensions. Financial services contribute 10% to the entire UK economy and generate £90bn in tax annually, which is half the NHS budget. However, an increasing number of companies are choosing to delist from the London Stock Exchange, including major players like ARM Holdings, Paddy Power’s owner Flutter, and UK drug company Indivior. Even the UK stock market’s biggest company, Shell, has hinted at a potential move. This trend is concerning as it could have a significant impact on the UK economy.