Latest news with #DameJuliaHoggett
Times
5 days ago
- Business
- Times
London Stock Exchange chief calls for new ‘Tell Sid' campaign
The head of the London Stock Exchange has called for a 'Tell Sid'-style campaign to encourage the public to invest as part of efforts to rescue Britain's faltering equities market. Dame Julia Hoggett said on Friday that despite a series of reforms by the government and regulators in recent years to try to make the UK market more attractive 'we have still not seen the real turning point in terms of flows of risk capital within and into the UK'. She argued that 'a lot of investors are more fearful of investing in the real economy than investing in cryptocurrency' and that 'now is the time for a long-term public campaign that would demystify investing'. This should be a 'Tell Sid 2.0' to get Britain investing, Hoggett said, referring to the famous advertising blitz by the Thatcher government to encourage households to buy shares in British Gas during its 1986 privatisation. It is the second time in less than two years that the idea of reviving 'Tell Sid' has been floated and comes amid mounting concern that the London stock market is shrinking. The market's woes are partly being driven by a lack of demand for UK equities, which has depressed valuations and led to companies being taken private and deterred private businesses from listing on the exchange. The previous Conservative government planned a retail offer of NatWest shares as part of the process of reprivatising the bank, with Jeremy Hunt, who was then chancellor, saying: 'It's time to get Sid investing again.' However, the initiative was scrapped by the new Labour government last July. Rachel Reeves, Hunt's successor, claimed it was 'a bad use of taxpayers' money'. • Encouraging savers to buy shares is worthy, but stunts won't help Even so, Reeves signalled in February that she wanted 'to create more of a culture in the UK of retail investing like what you have in the United States'. The number of Britons investing in the stock market stands at 23 per cent, whereas in the US stock market participation is 61 per cent. One way the government might do this is by imposing tighter limits on the amount savers can put into cash Isas each year, to nudge them into shares. This idea has faced resistance in some quarters, and Reeves has yet to announce a consultation on changes to Isas, although one might be unveiled when she sets out the government's strategy for the financial services sector next month. Hoggett, 51, was speaking at a conference hosted on Friday by the Capital Markets Industry Taskforce, a lobbying body she chairs, where top officials from British regulators insisted they were playing their part to boost the City and the economy, and heeding government calls to cut red tape, although they said this required more risk-taking in society. Richard Moriarty, who runs the Financial Reporting Council, which oversees corporate governance and audits, said that guidance on governance 'infantilises boards [who] need to think for themselves'. Sarah Pritchard, the deputy chief executive of the Financial Conduct Authority, told the conference that 'if we have more companies listing then some of them will fail and that should be OK and the first reaction shouldn't be, 'There must be something wrong with the regulation.'' She also signalled that proposals were imminent to help consumers to manage their finances.
Sky News
04-06-2025
- Business
- Sky News
Schroders steps back from London Stock Exchange-led City taskforce
Schroders has stepped back from a key financial sector taskforce led by the London Stock Exchange, even as the asset manager's chair joins the board of the bourse's parent company. Sky News has learnt that Schroders has downgraded its involvement in the Capital Markets Industry Taskforce (CMIT), which was established in 2022, following the recent change of leadership at the company. Sources said that while former Schroders chief executive Peter Harrison remained on CMIT's board in a personal capacity, his successor, Richard Oldfield, was unconvinced that its priorities and those of CMIT were aligned. CMIT, which stages the latest in a series of conferences for industry stakeholders later this month, is chaired by Dame Julia Hoggett, the LSE's chief executive. The group was convened at a crucial time, amid growing concern that London's status as one of the world's leading financial centres is at risk, particularly in respect of its ability to attract high-growth international companies to list on the LSE. Last week, Sky News revealed that Dame Elizabeth Corley, the Schroders chair, was joining the London Stock Exchange Group (LSEG) board - a move which sparked surprise from senior figures because of the commercial relationships between the two companies. Insiders believe the appointment places Dame Elizabeth in a strong position to replace Don Robert as LSEG chair in the coming years. Schroders said in a statement: "We continue to support CMIT's aims of driving growth in the UK's capital markets. "After leaving Schroders at the end of last year, Peter continues to be a member of CMIT in a personal capacity." A Schroders insider claimed the company itself had never formally been a member of the taskforce.
Daily Mail
28-05-2025
- Business
- Daily Mail
Shein poised to switch float to Hong Kong: Blow for Labour and the City as Chinese regulators shun London listing
Fast fashion giant Shein is reportedly set to switch its blockbuster listing from London to Hong Kong in a huge blow to the City. Chinese regulators have not given it permission to list in the UK, in an embarrassing setback after British regulators and ministers made a big effort to entice it to come here. Shein has now turned to an initial public offering (IPO) in Hong Kong, where it believes it can list within the year, news agency Reuters reported. The retailer, founded in China and now based in Singapore, is expected to file documents with the Hong Kong stock exchange in a huge setback for Chancellor Rachel Reeves, who recently said she would welcome new listings, as well as for London Stock Exchange boss Dame Julia Hoggett. Hoggett has said she would 'fight for everything' to attract firms. It had been hoped Shein would mark a new chapter for the beleaguered Square Mile. Instead, with few significant floats on the horizon, it will be left fighting a rearguard action to hold on to its biggest players. While the New York stock market has seen 136 flotations this year, London has hosted eight, say analysts at AJ Bell. Magnum maker Unilever's choice to list its ice cream division in Amsterdam dealt the City a bitter blow in February, after a protracted charm offensive by UK ministers. And Shell has been eyeing a switch to New York amid a slump in its valuation. Shein was given a green light to list by the UK's Financial Conduct Authority (FCA) in March despite concerns raised about its supply chain in China. But Chinese authorities are likely to have been taken aback at the intense scrutiny of Shein by MPs on the business and trade select committee. In January, Shein's UK top lawyer Yinan Zhu declined to comment on whether its cheap clothes were linked to slave labour. It prompted MPs to accuse her of being 'disrespectful' and 'ridiculous'. Shein has been accused of sourcing cotton from Xinjiang in China where it is claimed Uyghur minorities suffer forced labour and genocide. The company rejects these claims. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'The barrage of criticism, which looked set to intensify, is considered to be partly why Chinese regulators were reluctant to give the IPO the green light. 'This will be a blow for London's ambitions to attract bigger names, but given the obstacles piling up, it's not surprising that the company seems to be veering off in another direction to raise capital for further expansion.' Kathleen Brooks, research director at XTB, said the snub could be a 'blessing in disguise' due to political tensions, adding: 'The difficult relationship between Beijing and Washington, and the UK's desire to stand shoulder to shoulder with the US could have made listing more trouble than it was worth.' The Chancellor last month insisted it would be 'foolish' to stop engaging with China. 'We do want to welcome new listings,' she said. The FCA and the London Stock Exchange declined to comment. Shein was contacted for comment.
Times
14-05-2025
- Business
- Times
As the threat to Britain grows, the defence sector must innovate
On Monday 8 January 1945, one of Hitler's V2 rockets struck the old City headquarters of the London Stock Exchange at Capel Court, the exchange's home for the previous 144 years. The attack did widespread damage — Capel Court was finally demolished in 1966 — and forced the closure of the stock market for one business day. Trading resumed the next morning in the basement of the building. Dame Julia Hoggett, chief executive of the exchange, recounted the episode on Tuesday as a reminder that, at a time when businesses are alert to the danger of cyberattacks, having to display resilience is nothing new. She was speaking as the exchange played host to investors, market participants and services personnel at an event aimed at highlighting
