Nils Pratley argues in the Guardian that reviving London's stock market should be a top priority for the next chancellor, after three more UK-listed firms – Rotork, Gooch & Housego and Ramsdens – were snapped up by overseas buyers in a single day. He warns that while shareholders benefit from generous takeover premiums, the cumulative effect is a "hollowing out" of London's market, with far more companies leaving than new listings arriving to replace them, undermining the stock market's role in channelling capital to productive businesses.

A Peel Hunt report cited in the piece shows that since the start of 2023 there have been 154 takeover bids for UK firms worth over £100m, totalling £165bn in lost market capitalisation, plus a further £120bn from seven large companies shifting their primary listings abroad, mostly to the US. Against this £285bn outflow, only 11 new listings worth £100m or more have arrived in London, adding just £6bn. Pratley says past policy tweaks – such as looser listing rules and a stamp duty holiday – have failed to reverse the trend, and calls for bolder measures like higher mandatory UK weightings in pension and Isa schemes, entrepreneur tax reliefs, and scrapping stamp duty on share trading, while noting the issue has barely featured in Andy Burnham's pre-leadership speeches.