Urgent action needed to halt exodus of firms leaving UK, says CBI

The exodus of firms from the London Stock Exchange has created a “pivotal moment” for the UK’s financial services sector which requires urgent action, a leading business group has warned.

The Confederation of British Industry (CBI) said a combination of companies choosing to list elsewhere, private firms buying up public ones, and investors shunning UK shares had seen 213 firms leave since 2016.

Chair Rupert Soames said that lighter regulation, better marketing and incentives for investors to put cash into British firms were needed to stem the outflow.

He said he would support cutting allowances for cash ISAs to get more people investing, which the chancellor is understood to be considering.

In her Mansion House speech to City leaders, Rachel…