Chancellor Zahawi on US journey to beat the drum for London funds

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Tuesday, August 30, 2022 7:00 a.m

Chancellor Nadhim Zahawi will use a US trip to campaign for the financial center London

Chancellor Nadhim Zahawi will embark on a US trip this week to drum up Britain’s post-Brexit financial future.

Zahawi will visit the New York Stock Exchange and meet with senior officials from global banks “with the goal of setting the highest possible standard for global financial services cooperation between the two nations.”

As part of his US trip, he will also discuss possible reforms to Britain’s Financial Services and Markets Act – reforms some in the city say do not go far enough.

The chairman of the London Stock Exchange has warned that the capital “is in a race against our competitors and we cannot afford to ignore this or be complacent, which is what we must do if we are to remain relevant,” it said in a filing to the Financial Conduct Authority, seen by the Telegraph.

Michael Findlay wrote to the regulator as part of a primary markets review aimed at setting the framework for UK capital raising markets.

Findlay said Britain had “a unique opportunity to enact radical reforms” as a result of the country’s exit from the EU, but if it didn’t, London would face a “material risk of declining to that of a regional government exchange.”

There are already concerns that the UK is no longer a positive market for equity listings as a number of recent IPOs have not been delivered. UK stocks are also relatively undervalued compared to global peers, which has led to a recent frenzy of foreign companies trying to privatize UK-listed companies.

Nadhim Zahawi will also visit Washington DC where he will meet with Fed and US Treasury officials.

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