Here is a funny thing. The rest of the world rates Britain higher than the Brits. So says Steven Fine, chief executive of City broker Peel Hunt.
Flotations of homegrown companies have reduced to a trickle in London. Meanwhile, many firms that are here, especially in tech, are heading elsewhere, usually to New York.
This as the government insists the UK is the go-to, happening place. And, as Fine says: "Domestic self-esteem is quite low." Yet, "we are seeing a rotation out of US assets into Europe and greater institutional positivity towards the UK."
This week, the Economic Secretary to the Treasury, Emma Reynolds, will mark the 30th anniversary of the AIM junior market with a speech at the London Stock Exchange billed as "reinforcing the UK’s position as a global hub for investment and innovation".
Her address comes as London is dealt a fresh blow by the decision of Wise, the money transfer business, to move its primary listing to New York. Four years ago, it was so different. Then, Wise provided a boost by choosing to float its shares in London. As a FinTech operator, Wise’s £9 billion ($12.15 billion) IPO was hailed as signalling UK pre-eminence in a tough European and global arena.
Today worth £11 billion, Wise is off, joining the 30 companies to have quit the London exchange this year. Last week as well, two high-flying UK tech operators, Spectris and Alphawave, went private, their takeovers resulting in a £5.5 billion loss of market value, not to mention the trading volume that will also vanish.
Another slap comes with Assura rejecting a UK merger offer that would have doubled its size and kept it on the London market. Instead, the £1.6 billion GP surgeries operator agreed to be bought by US private equity giant KKR.
So far, by return, this year there has been only one flotation, that of UK accountancy firm MHA, on Aim.
No wonder the likes of Fine are fed up. While some point to the lack of flotations being a European, even global problem, with the US tally of listed companies 40 per cent lower than in the late 1990s, it does not negate the fact that London is faring worse. Nor does it alleviate the damage caused by the exits and absence of substitutes – not just to the stock market and prestige, but to the underlying support system of broking firms like Fine’s, banks, lawyers, accountants. Income, jobs and tax receipts are suffering.
It's not as if UK businesses are bad and the country is a poor place in which to invest – KKR’s purchase of Assura, for one, indicates otherwise. As does the reported interest of Australian infrastructure investor Macquarie in acquiring stakes in London City, Birmingham and Bristol airports. No, it is more that being listed is not as attractive as it once was and other exchanges have greater appeal.
What’s to be done? Fine argues the problem lies with UK pension funds shunning their home market. The government makes noises they will be forced to fly the flag but it remains a threat, nothing more.
Pressure has been brought to bear via the Mansion House accords to encourage them to back UK infrastructure and private equity but it has ignored UK publicly listed shares. UK pension funds put less of people’s retirement money into their own country’s PLC than their foreign equivalents – US, Canada and Australian funds support businesses in their backyards to a much greater extent.
The government is unwilling to crack the whip for fear of being seen to interfere in what has been historically perceived as a free market. Equally, though, those funds enjoy tax breaks amounting to £49 billion a year. There is a strong case for saying they cannot have it both ways.
Similarly, ISAs are tax-free but there is no obligation for them to invest in UK shares. Mark Slater, who runs the fund manager, Slater Investments, has questioned why. "You don’t want government to tell people where to invest, ideally. But I think you can say if money is tax-advantaged, in other words the government’s giving you money, then they have a right to tell you the terms on which you get that benefit.
"If people want to own Apple, they can still own Apple, they just can’t do it through an Isa. Why should the British government seek to lower the cost of capital of Apple?"
Requiring them to "buy British" in exchange for public money smacks of MAGA ideology and has not been taken up by the government. There is an added complication, raised by lawyers, which is the definition of a UK business. In today’s interlinked, internationalised world, it is not so clear-cut.
There is the familiar issue, too, of the Treasury being reluctant to forego a nice little earner. At present, share purchases in London attract 0.5 per cent stamp duty, a levy that does not apply elsewhere, not least in the US. It creates the anomaly highlighted by the Capital Markets Industry Taskforce, intended to lift the City, that investors are taxed "when buying a UK-listed Aston Martin share but not when buying a German-listed Porsche share or US-listed Tesla share". But that oddity also brought in £3.2 billion in 2023-2024 and this is a financially strapped administration.
London’s listing rules could be less doctrinaire and not so expensive to obey. The reason Wise chose to depart is that New York allows dual-class shares – some shares carry greater voting rights than others. London does not. That is what Wise meant when it alluded to the US listing as having "a structure that aligns with US market practices including those of our US-listed tech peers, which we believe allows us to remain laser-focused on delivering our mission". Wise founder Kristo Kaarmann will have 18 per cent of the shares but 50 per cent of the votes.
In its desire to be "pure", to maintain tradition, London, as with the government’s reluctance to require pension funds to invest, is shooting itself in the foot. Investor equality free of government intervention may be the UK way but it is not copied elsewhere. If the UK wishes to stop the rot, it may have to change.
Mohammed bin Zayed Majlis
Mobile phone packages comparison
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
UAE currency: the story behind the money in your pockets
More on animal trafficking
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
Monday Celta Vigo v Cadiz (midnight)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
More from Neighbourhood Watch:
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Ukraine
Capital: Kiev
Population: 44.13 million
Armed conflict in Donbass
Russia-backed fighters control territory
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Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
