There are no surprises in the way the UK stock exchange is shrinking. The UK government is to blame. Its net zero bans, its high energy taxes, its rush to nationalisation, its lack of enthusiasm for private capital and competition, its excessive regulations and its wish to align with an EU that is also anti private capital,anti cheap energy and the digital revolution all point to money and deals rushing to the USA away from the UK and EU.
Two of the remaining large quoted UK companies, BP and Astra Zeneca, are in the news highlighting the negative impacts of UK policy on them. BP is going to sell out of its North Sea assets as they are hit by high taxes and bans. Astra Zeneca wants to merge with a large US company to dilute its UK interests and make it more of a US major. EU style controls on medical work and the limited list controlled prices model of NHS buying cause tensions with business. These two companies are in the top seven of listings by market value accounting for 14% of the Ftse 100. Were they to cancel their London listings it would be a major blow.
There are many UK companies selling up altogether as shareholders show frustration with UK valuations and taxes. Segro has been a very successful industrial property company. It is accepting a US bid well above the UK market valuation.
As the UK government plunges on with its wish to close down all our oil, gas, high energy using businesses, and cut back our food growing, so we become ever more dependent on imports. To pay for the imports we need to raise foreign currencies. Selling our best businesses to foreigners is the foolish short term way of paying for the imports.
We need to reverse the atrophy of the London Stock Exchange. That needs new UK fund raisings with a government backing free enterprise and private capital. It means reversing bans and penal taxes. I will set out how in future blogs.
August 5, 2026
Good morning
JR I think you are going to hear this a lot – This is deliberate. When you have a voting base that relies on welfare and the State for money, who needs big business. Or so they think 😉Because sooner or later, as some lady once said; “You will soon runout of other peoples money.” And that does not just mean the Bond Markets, but taxes too. Because, as you know and I found out a little while ago, taxes are not used to pay for things, it is used to destroy money. And if you cannot increase your tax take, printing more money drives up inflation especially if people will not hold your currency.
We are increasingly looking like the Zimbabwe of the North Atlantic.
August 5, 2026
It is deliberate bit not, I feel, because they are trying to capture the client state.
Their doctrine leads them to believe that command economies, legislation and redistributed taxes are the key to growth. Their doctrine requires statutory direction and not competition to drive improvement. Regulation leads to minimum required behaviours whereas competition and personal gain drives improvement and savings
August 5, 2026
‘ The UK government is to blame.’
True, but it was ever thus. Selling England by the Pound was the name of the game.
Everything was up for grabs – with this no restrictions of foreigners asset stripping, buying up residential and commercial property etc. Sensible countries put restrictions on this.
I’m alright Jack!
That’s why all the companies have disappeared. It won’t stop until we run out of stuff to sell. As we produce less, that will be sooner rather than later.
August 5, 2026
@Mark B – blackmailing people with their own money get progressively difficult as the pool dries out
August 5, 2026
+1
August 5, 2026
Afraid the UK is no longer the freindly place to do business that it used to be, due to increasing taxes, regulation of all kinds, and costs, so is it any wonder companies are looking at alternatives.
Successive Governments over the past 3 decades have assumed that business can be just pillaged at will, and that no matter how hard they squeeze money from them, they would just continue to soldier on.
How wrong they were, we are no longer a heavy manufacturing production Country any more, ship building, Steel making, Car manufacturing, and like industries have almost disappeared completely, to be replaced by on many cases smaller companies that use modern technology and or robots which can be relocated with ease.
Successive Government have slowly starved the Goose that lays the golden eggs !
If Companies go or are controlled from abroad, why are we surprised if their listing goes with them.
August 5, 2026
@Berkshire Alan – welcome to the 21st Century of a Socialist UK. Rule by terror, left-wing terror from within.
Every person that entered Parliament this Century owns this tragedy, this malicious destruction, this fight against the People. Yes I know a handful, never more than 10% have kicked back (‘John’) but the constant move away from protecting democracy has forced endless punishment on the UK and its People.
As a David Cameron said to a business associate of mine at dinner after accepting his £50K donation. paraphrasing ‘I can’t undo the wrongs of my predecessors’ – to that he got the response ‘why are you asking us to support and vote for you?’ That is now the thing the UK Parliament even with the power we lend them to do things actual ‘refuse’ the job. Is it because it upsets their loyalty to the Socialist Cause?
August 5, 2026
Liebour and the Fabians don’t understand business and have no interest in it. To them it’s just a cash cow to fund their ever expensive Marxist welfare programmes.
Shortly it’s goung to come crashing down because there’s very little left in the economy to squeeze.
The sooner this government implodes,the better then we can have a real reset which benefits Britain.
When you have an energy secretary who says on TV that green levies don’t increase bills we know we’re doomed.
August 5, 2026
@Ian Wragg – it has to be the whole of this decrepit Parliament, they are all on a crusade to fight the people and the country. They, because these Politico’s shy away from democracy have only one fight that is against the Nation and its People
August 5, 2026
The London stock exchange has suffered because of the incessant selling-off of British firms to foreigners.
More than 200 companies have left the London Stock Exchange since the 2016 Brexit referendum, with the exodus accelerating significantly over the last few years due to depressed UK valuations, low liquidity, the weakness of Sterling and aggressive buying from overseas corporations and private equity firms.
Morrisons, Britvic, Deliveroo, Royal Mail, Ted Baker, Arm, Darktrace, TUI, Just Eat, BHP, CRH, Ferguson, Virgin Money, Wise Fintech and Cadbury’s to name a few
Of course, the main attraction for the UK government is the hard currency such sell-offs bring in, allowing the middle class to take foreign holidays. Usually the British factories are closed down and manufacturing moved to Texas. Or Pennsylvania
August 5, 2026
“Of course, the main attraction for the UK government is the hard currency such sell-offs bring in, allowing the middle class to take foreign holidays”
You do sprout some very odd views SG.
August 5, 2026
‘This is the Lord’s doing and it is marvellous in our eyes’ – Queen Elizabeth I
August 5, 2026
Sovereignty is a beautiful thing like a bottle of Chateau Margaux from Berry Bros and Judd where as being part of the EU is like a cheap bottle of plonk from Tesco.
But if Sovereignty is not rooted in The Christian King of Kings then it’s like a Chateau Margaux without the alcohol in it. It’s not going to work.
Queen Elizabeth I, one of our greatest leaders, wasn’t a saint but she was still a devout Christian woman and our great nation flourished under her.
August 5, 2026
@Sakara Gold – your timeline and reasoning is off and as such destroys you argument.
August 5, 2026
We are the converted. There should be a way of having one of your rigorous concise articles published in The Guardian, unedited and suitably toned for its readership.
August 5, 2026
At long last it seems that the ~2500 prisoners incarcerated under the indefinite jail terms system have some hope of being released. The controversial open-ended punishments were scrapped in 2012, but not retrospectively, leaving these people in prison without a release date for years. The UK has attracted opprobrium from the UN as a result
Burnham has asked the justice secretary Alex Norris to review Imprisonment for Public Protection (IPP) sentences as a way of tackling Britain’s prison crisis and freeing up much-needed space in overcrowded jails
Norris could also consider the ~20% of the prison population that comprises non-violent young black men imprisoned for being in possession of small amounts of cannabis for personal consumption. After being stopped and searched and found to be in possession for the fourth or fifth time, the courts routinely send them down for 12 or 18 months
August 5, 2026
There should be more open ended prison terms not fewer.
Prison works, it keeps offenders away from the population. We should be building prisons and detention camps rather than homes.
August 5, 2026
@Narrow Shoulders
“Prison works, it keeps offenders away from the population. We should be building prisons and detention camps rather than homes” Wrong!
Talk to the guy in the white coat with the stethoscope about your medication. Clearly, he’s got the dosages wrong
August 5, 2026
Not forgetting Tate & Lyle (US bidder Ingredion). The government’s hostile environment for this particular PLC is all set to ensure that a brand name that has been with the British for time immemorial is going to fade away.
August 5, 2026
Of course Labour’s idea to boost the stock market is to force pension funds and possibly ISA investors to invest in UK stocks and infrastructure even if these are higher risk options which produce worse returns. No problem for those on public sector final salary pensions with zero risk.
August 5, 2026
Agreed Roy and those on the Gold plated pensions make the rules for the rest of us.
Unlike the above who’s salaries are paid in full by the taxpayer along with the employers contribution, which is also funded by the taxpayer.
If you are self employed there is no employer contribution, all the money invested is your own.
A very, very big difference
August 5, 2026
The preliminary figures for July 2026 released by the SMMT (Society of Motor Manufacturers and Traders) indicate that battery electric vehicles (BEVs) are continuing to strongly drive the expansion of the UK new car market, which grew by roughly 12% year-on-year to 156,000 units
BEV registrations surged by 49% compared to July last year, achieving 43,547 total registrations for the month.. BEVs captured a 27.4% share of the total new car market in July. This solidifies a multi-month streak of strong performance, following a record-breaking June where BEV share reached 30%
Under the government’s Zero Emission Vehicles (ZEV) mandate, the headline target requires manufacturers to hit a 33% EV share for 2026. However, after factoring in compliance flexibilities (like allowance trading), the adjusted market-wide target drops to 24.6%. With July’s strong performance, the year-to-date BEV market share stands at 25.3%, successfully pacing ahead of the adjusted regulatory requirement
EV adoption in the UK is clearly receiving an unexpected push from broader economic pressures, as recent global oil price shocks have driven up traditional ICE fuel costs and steered consumers toward electric alternatives
Reply Dominated by fleet buyers who get a tax break and helped by price cuts to move stock.
August 5, 2026
I ordered my new Civic Sport hybrid yesterday. Honda have only ine BEV which is basically a shopping trolley. As I went around showrooms u asked about EV sales. They all agreed hybrid was doing well but domestic interest in BEVs is minimal.
August 5, 2026
If demand is high and growing ….why the need for subsidy
August 5, 2026
It is a rigged market on fuel, subsidies, ULEZ what is the real demand for EV’s without this market rigging? The same with trains they would cost about 6 times more relative to cars without subsidies and car over taxation and they cost more than cars even now.
A new EV is likely to cost you at least 50p a mile this just in finance and depreciation costs! Before maint, ins. Tyres maint…
August 5, 2026
It’s all fake news coming out of America present time – last word: there will be no agreement with Iran this week and the Straits will remain closed and so the price of oil will spike again probably Friday – then the stock market will fall – they are fiddling the markets to make a bundle and some would advise we put our trust in it? No thanks
August 5, 2026
Gregor,
True. TACO Trump has bitten off more than he can chew.
He does not want to be seen as a loser though.
If he could bluff his way out he would. But Iran won’t play ball. Meanwhile, the Israelis are insisting he keeps on until the end of the money, the munitions and the last American soldier.
August 5, 2026
How ironic – Iran and oman have agreed a deal to open the straits provided the US and Israel stay away
August 5, 2026
Not surprising to see the damage to Stock listings but now news of Bank of England I would argue is not just wasteful but out of control with many employees working abroad on IT/ Laptops represents a significant security risk.
Rachel Reeves ex BOE …
August 5, 2026
From small acorns ..
.. the city and government do not like sole traders and small businesses.
HMRC are becoming an even bigger enemy of small business with their moves to lifting taxes straight out of your bank account via DIrect Debit on a monthly basis for payment on account – demanding payment for their estimates of your future income. They frequently make mistakes which can damage your financial situation in an instant but easily take a year to resolve.
Then there is the overwhelming EU-regulatory, HR and DEI BS.
The rot set in decades ago so I shuttered my businesses when I could some years ago and turned my focus instead to investments – lower returns but much less time and stress especially after you’ve met key goals.
I invest globally, overwhelmingly non-European but with a small element in the UK. There would need to be a radical change in establishment attitude for me to change that strategy towards the UK but I don’t expect to ever change my attitude towards Continental Europe
August 5, 2026
We mustn’t lose sight of this dire situation is also the need and the desire of the Socialist majority in the UK Parliament to actively destroy the very fabric of the UK, UK Society and its People. Some in their warped minds don’t believe in people being individuals, of difference, the entrepreneurs, the idea of people being released to reach their full potential, the idea of achievement and success.
We loosely wrap these UK haters up as those that want the imperial rule of their European rulers back and as such it is the reason for those requiring this imperial unelected unaccountable rule to set out to destroy and blame that destruction on not being ruled by their desired cabal. It is this perverse Socialism, the Marxist, the WEF and Fabian left-wing terrorism that is keeping up their fight for their Utopia led by them and only them with the minions, the surfs doing their bidding. If this European Socialist Empire, that our Parliament and Establishment have kept us tied to is so good how come the World, the Planets majority population, is growing and thriving at levels we are not even permitted to think of?
August 5, 2026
Private business generating profits is anathema to Socialists even though they provide our standard of living. Mind you, the last lot weren’t much different.
August 5, 2026
Segro (formerly Slough Estates) is an especially interesting case, because its Board were clearly dubious about the merits of the offer compared to the company’s long term prospects, but were persuaded to recommend acceptance by shareholders who preferred the potential of a US investment.
August 5, 2026
The trading in companies and companies moving from one domain to another is not in its self a problem. The Problem is we have a Parliament actively seeking destruction of the very fabric of the UK in their search for ‘the first destroy to rebuild in their personal image’ World of Socialism principle. The grief the UK Parliament and the Establishment feels because the people asked it to become a democracy and be governed by the laws conceived, created, amended and repealed in this UK by democratically elected representatives from the UK still goes on, they still refuse as their masters still want control. It was seen as a big ask as puppets of foreign rulers, for them to take responsibility, manage and govern, they have kept up the fight, the destruction to force the UK People to accept the rule of their Socialist Empire. We haven’t cleared out the Quislings and are paying the price. Made up, a fantasy? just look around and note where the flaws, the malicious damage and destruction has been created
As is often the case things are not always as straight forward as the image portrayed at first seems. Enterprises seeking to move domains to survive the onslaught of Socialism is different to those enterprises being snapped up by Foreign organisation that are protected in their home market. If we had a democratic sovereign UK Parliament working for the UK and its People the bias of destruction for destruction sake wouldn’t be there
August 5, 2026
If someone is an idiot, they remain an idiot, whatever their job title! We have had 30 years of idiots running the UK, and look where it has got us. PPE graduates who don’t have a clue when it comes to business and the economy.
The current government is just accelerating the wrong approach of its predecessors.
The UK economy will collapse under the weight of government spending and taxes, so are they being looked at?
Not a chance; our new PM has no clue and will be surprised when it all comes crashing down.
August 5, 2026
They may be idiots in some senses, but they know sweet lies is the way to get elected.
Not so stupid after all.
August 5, 2026
@Keith from Leeds +1
I agree but go further, its the UK Parliament as a whole as a collective, the electorate never chose the Government or the Prime Minster that was the work of the majority of those in Parliament. Parliament could stop the Government and/or the PM’s fantasies but they refuse on that basis it is Parliament that ‘owns’ the direction the country is heading.
August 5, 2026
You’d imagine that the collapsing UK stock listings would attract the attention of someone in the Treasury who could read the omens.
John Healy looks like a reasonably intelligent man for labour’s front bench but does he have the concept, which the last Chancellor was blind to, that in order to stimulate the economy high taxation is not the way. It is growth and investment in the private sector that does the stimulating, Thatcher style.
But of course there is a problem with that – socialists wouldn’t even pay lip service to low taxation because of their irrational hatred of what Thatcher did to the economy and in showing up the utter incompetence of labour’s policies. Yes, we all know the saying about continuing to do the same thing over and over, always expecting a different result….But socialists rarely learn such lessons.
So let’s not put too much hope in the forthcoming autumn budget because for one thing labour are still clinging to the sacred texts of the net-0 bible which still drives their actions in the vain hope that when they have totally destroyed our country something more like a socialist heaven will suddenly, spontaneously get created out of the chaos.
August 5, 2026
It doesn’t matter how smart the Chancellor is, the rows of Labour backbenchers behind him are away with the fairies and won’t let him do what’s necessary for the sake of the country.
August 5, 2026
I ordered my new Civic Sport hybrid yesterday. Honda have only ine BEV which is basically a shopping trolley. As I went around showrooms u asked about EV sales. They all agreed hybrid was doing well but domestic interest in BEVs is minimal.
August 5, 2026
Don’t just blame government, though their lack of STEM experience is a major cause the City has to take a large share of the blame as do the general consumer. Short termism is certainly a root problem not only in finance and politically driven public investment but also the consumer’s need for instant gratification who goes for the cheapest despite that decision damaging the local economy.
There needs to be a change of attitude all round and I just don’t see it happening .. organically.
August 5, 2026
Historially the Labour party was never anti capitalism, just pro socialism
However I’d suggest, in this age, that the tories now hold that position while Labour have moved further left towards a communist/corbynist position …..defo anti capitalist
Only a general election and a new government will change the economic outlook
August 5, 2026
@glen cullen – a completely new Parliament with candidates chosen by the electorate, would be a good starting place. The UK needs to become a proper democracy
August 5, 2026
“Aileen O’Connor, the chair of Thames Valley Police Federation, said she would ‘throw everything’ at trying to block Jessie Cole and Albert Bowers from being freed under Labour’s early release scheme.”
We need to get real, Burnham did say he wanted it stopped, but only because it sounded a good headline his, ego and mouth could engaging ahead of his brain. But this is ‘a Law’ created by the majority in the UK Parliament that wanted these people let out of jail to make those MP’s feel good about themselves. Victims, what victims? The PM could call for a debate to amend the law but to change it because he says so just to sound good was him getting ahead of himself for a headline. A list should be published in the Media naming all those that though murder and rape should get a pass. I would guess its the same people that wanted motorist to be the ones fleeced to pay the Victim Surcharge to support those affected by the murder and rape they imposed on society
August 5, 2026
IB:
If Parliament can vote for a special pension arrangement for Sir Keir Starmer when head of the CPS then it can vote to block Jessie Cole and Albert Bowers from being freed under Labour’s early release scheme.
August 5, 2026
Company ownership and the idea so much of it is heading abroad gets a bit cloudy when reciprocity isn’t considered. The UK, USA situation seems uncomfortable, but it is mutual they can buy ours we can buy theirs. And it does happen. The USA has the advantage is that they are allowed to grow, were in the UK its Parliament fights against success and drive, so the USA has generated the wealth to grow. While the UK Parliament with its perverse Socialist doctrine ‘kills’ everthing.
We hear the headlines; the seeming disparities of the UK being bought up by US concerns but don’t hear of it they other way around. The likes of BAE Systems, Rolls-Royce are intertwined with the US Defence Industry (same security clearances) that at times there is the appearance that the US Defence Dept spends more money with those companies than that of the MOD. BAE Systems and Rolls-Royce bought their US counterparts.
Then we have the likes of the Chinese they can buy up what they like from the UK, but UK Companies can’t buy up China. Even closer to home the French own a significant chunk of the UK’s defence and other industries, but then take that a stage further it is the French nationalised industries that have been permitted to buy up the UK’s defence capability. Or the defence of the UK and its structures are dependent on the political whims of the French Government. Try to do that in reverse, have a reciprocal arrangement and the UK would be blocked by the French State.
Yes, the UK Parliament is as they say ‘is cutting the nose off their own face’. But more concerning is the reciprocal arrangements are not there the Country is being raped and egged on by the UK Parliament, so when some of ask who is the countries enemy – the UK Parliament keeps coming to the top of the list. The question of whom does the UK Parliament work for? It’s not the Nation or its People
August 5, 2026
IB :
Absolutely correct. I’ve never understood why we do not insist upon reciprocity with other states, particularly those our security services describe as “hostile”.
August 5, 2026
We will have to sell everything.
What to do when there is nothing left to sell?
August 5, 2026
Quite true John, but I’m surprised you didn’t mention Stamp Duty. A 0.5% levy on all share trades is a direct incentive to get your shares listed elsewhere. The UK (and Ireland, strangely) are the leaders when it comes to this sort of thing….. elsewhere share transfers are tax free or else charged at a much lower rate.
August 5, 2026
Agree stamp duty, and perhaps abolish capital gains tax, on holding of stocks & shares beyong a ‘one year’ …like in the USA
August 5, 2026
“It means reversing bans and penal taxes. I will set out how in future blogs.”
The key to ending the damage to our economy is to repeal the Net Zero by 2050 act made law by PM May and defined by PM Johnson in his ‘Net Zero Strategy – Build back Greener’ edict. The Left would not have invented the climate crisis if their “solution”, Net Zero, was not sabotaging our energy and consequently destroying our industry, economy and national security. There is no climate crisis and (anthropogenic) CO2 does not control the temperature as evidenced by the Antarctic Vostok ice core data showing that for the last 450,000 years, whilst both CO2 and temperature have been exceptionally low, CO2 has followed temperature and not vice versa. Even the New Scientist, a believer in the IPCC’s CO2 radiative forcing theory, contains a report where the new Allan Hills Antarctic ice core samples have, they say, unexpectedly shown there to be a warmer period than today 3 million years ago despite lower levels of CO2 and methane.
https://www.newscientist.com/article/2519771-ice-core-reveals-low-co2-during-warm-spell-3-million-years-ago/
August 5, 2026
PS : In addition it is necessary to end the woke (= communist)/ESGs running our Civil Service, quangos, large companies, institutions and regulators and bring back meritocracy.
August 5, 2026
The big pharma companies never build new manufacturing here, they build lots of new manufacturing but it is always abroad. The only pharma manufacturing in the UK is what has been here a long time. This makes the UK vulnerable in times of crisis. The reasons why no new manufacturing here are obvious, eg high electricity prices, insane planning nonsense, and so much more.
August 5, 2026
John,
I have seen Dominic Frisby expressing similar concerns. He makes a lot of good points.
Seems like you two should have a chat.
Cheers