Some of the main British financial technology companies have urged the Chancellor to encourage them to register on the London stock market in force or risk turning to rival international exchanges.
Sky News learned that Rachel Reeves met with companies leaders such as Atom Bank, Clearbank, Revolut and Zilch on Wednesday morning to discuss the launch of the growth and competitiveness strategy of the Treasury Financial Services.
Informed sources of the meeting said that the Chancellor had been in a hurry to consider allowing investors of newly listed companies to benefit from holidays in stamp law or tax cuts for capital gains as a means of encouraging rapidly growing businesses to float in the United Kingdom.
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One said that it had “listened” to the suggestions of industry leaders, but had not expressed opinion about them.
The pleadings occurred a few days after the publication of the data showing that the London Stock Exchange had had the worst start of a year in volume of funds collected thanks to the first public offers in at least three decades.
Ms. Reeves plans to restrict the amount that can be saved in Cash Isas to try to draw more capital in public procurers – although this decision is also faced with strong opposition of certain quarters.
Some of the main British fintechs, such as the Monzo digital bank – which has been sentenced to a fine of more than 20 million pounds sterling for anti -money laundering failures this week – are planning to float in London or New York.
Revolut and Zilch should also seriously consider the two places of registration when they decide that the time has come to make public.
A Treasury spokesperson said: “Fintech is the future of financial services.
“Next week’s downside will explain how we plan to support the sector to prosper.”