Latest news with #JuliaHoggett
CNBC
10-07-2025
- Business
- CNBC
Startups love the UK. Its IPO market? Not so much
U.K. capital markets are at a crossroads. The country's startups raised $8 billion in the first six months of the year, according to a report from Dealroom and HSBC Innovation Banking — more than France and Germany combined. It also found that the U.K. was Europe's top destination for venture capital for the 30th consecutive quarter, claiming 30% of all capital raised across the continent so far this year. But there's a flip side. Dealogic data shows fundraising from London IPOs in the first half of 2025 fell to its lowest level since data was first collected in 1995. Just five companies made their debut on the London market in the first six months of the year, raising £160 million. The dismal figures follow a number of high-profile blows for the London Stock Exchange. These include money transfer firm Wise's decision last month to move its primary listing location to the U.S., and reports that British pharma giant AstraZeneca could follow suit. Peter Specht, general partner at Creandum, one of Europe's most successful early-stage VCs, said he sees some momentum in the IPO market, but called for much greater collaboration between the different stakeholders. "I think what's most important is the dialogue between the tech leaders that are soon going to IPO and the next generation that will do so in a few years, and the regulator," he told CNBC's "Squawk Box Europe" Thursday. "I think we need to foster that discussion even more and act on it, because what we need in the U.K. and Europe is make it as attractive as possible for companies to IPO here." The Confederation of British Industry has called for a new narrative around the LSE and publicly listed companies, saying that "bold action" is required to revitalize U.K. public equity markets. London Stock Exchange CEO Julia Hoggett told CNBC that "a language of risk" has been created in the U.K. over the last 30 years, "rather than the language of the opportunity that comes from investing." She called on the government to think with an investment mindset, saying "we've so protected people from the downside, we haven't exposed them to the upside, and as a nation, we haven't had a conversation about the opportunity cost of that." This risk-averse approach is something Edward Knight, president at VC firm Antler, has witnessed, telling CNBC that the appetite for risk that exists in some corners of the world "certainly doesn't exist" in the UK. He urged the country to learn from the past, saying: "We had the opportunity to welcome crypto into our arms when the SEC under Gary Gensler was rejecting it, but we passed up that opportunity. We let it go … Let's not do the same thing again on AI." In its report, the CBI called for policies that would improve liquidity and competitiveness, while strengthening the IPO pipeline. The London Stock Exchange's Julia Hoggett has hailed its reform agenda in recent years, telling CNBC, "we have really made our markets match fit." Meanwhile, Nigel Morris, managing partner at fintech VC platform QED Investors, told CNBC via email that the U.K. government is working to address concerns from U.K. business leaders. These include "the current tax scheme, which some say punishes employees of growth stage companies, or the limited ability to access capital for scaling fintechs." So where does all of this leave the outlook for London IPOs? Hoggett says the pipeline for listings is growing. "It's a bit like an iceberg below the surface … but that pipeline is building very rapidly, and from around the world, because I think the reforms that we've seen in the U.K. have actually enabled the U.K. to be a really compelling proposition." Norwegian software giant Visma has chosen London for its IPO next year, according to news first reported in the Financial Times, but the pipeline beyond that appears to be quiet. "I think the founders of these businesses have to have a long, hard think about where they think their interests are best going to be served by going public," said Antler's Knight. "And there's a lot of complications and dynamics to being a public company, and so they need to discuss these with their boards, go through this with their investments, find out where those interests are best served."
The Guardian
09-07-2025
- Business
- The Guardian
London's stock exchange needs a shot in the arm from the Treasury
A marketing campaign to promote the joys of investing in the London stock market? The idea may sound slightly desperate, and will fall flat if proponents think they are rehashing the one-off 'Tell Sid' privatisation campaign for British Gas from 40 years ago. But, actually, yes, give it a go. As the CBI puts it in a report out on Wednesday, a 'new narrative' is needed to stop the London Stock Exchange drifting into irrelevance. Since 2016, 143 UK-listed companies have exited to private equity takeovers. That tally is depressing if one agrees that corporate transparency and accountability are better in the public arena and that a healthy economy needs a buzzy exchange. Julia Hoggett, the boss of the exchange, was correct recently when she said 'a lot of investors are more fearful of investing in the real economy than investing in cryptocurrency', which is a perverse state of affairs. There is an educational job to be done. At the other end of the risk spectrum, a now-famous £300bn sits in cash Isas. A chunk may indeed represent prudent rainy-day money, but all of it? Yet there ought to be another target for a campaign that preaches the long-term economic benefits to the UK of a thriving stock market: HM Treasury. It remains baffling that the chancellor, Rachel Reeves, via her Mansion House compacts and accords, has cajoled UK pension funds to pour money into private markets and privately held infrastructure projects while the greater crisis surely lies in the public arena. The problems are well known by now and are identified by the CBI: capital flight to the dominant US markets; the decline in the proportion of UK equities held by UK insurance and pension funds from 45.7% in 1997 to just 4.2% in 2022; the lack of new listings to compensate for the take-private deals; and too many UK tech startups heading to the US. Some of the CBI's mix of recommendations, including a marketing campaign, are self-help remedies for the finance world itself, such as chasing Asian companies to get a secondary listing in London. A couple ought to be dropped: there really is no need to keep banging on about executive pay when, after a bit of hissing, FTSE 100 companies that insist on paying their executives like Americans tend to be able to persuade shareholders to give a thumbs up. But the bigger proposals tend to involve the Treasury. If the chancellor can apply pressure on UK pension funds to head towards UK infrastructure, why not give them a gentle prod towards UK equities? The New Financial thinktank shared polling recently that showed UK savers estimated that 41% of their pension pots are invested in UK companies or the UK stock market. When told the true figure was 10% or lower, 51% thought it should be higher. That suggests a certain level of enthusiasm for home bias among savers themselves. Meanwhile, Reeves is probably sick of hearing that she should cut the 0.5% stamp duty on share purchases that makes London an uncompetitive international outlier. Given the £4bn annual revenues for the Treasury, she's not going to make the leap in one bound. The CBI's twist on the theme is that she could start by abolishing the duty for trades within Isas. Good idea. And it probably stands a better chance of being adopted than the hopeful thought that companies' flotation expenses could be made tax-deductible. (Tax breaks for hiring overpaid investment bankers and lawyers? Not a chance.) Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The big picture is that something needs to happen. The City has been awash for years with taskforces and consultations that have produced some useful reforms, such as changes to listing rules. But, as Hoggett conceded a fortnight ago: 'We have still not seen the real turning point in terms of flows of risk capital within and into the UK.' The Treasury needs to take more interest. A hollowing out of the stock market spells long-term trouble.
Times
30-04-2025
- Business
- Times
London Stock Exchange boss: Trump may have done UK a favour
President Trump's so-called war on woke could encourage more companies to consider listing in London, the boss of the London Stock Exchange has suggested. In March, President Trump signed an executive order banning diversity, equity and inclusion (DEI) initiatives in the public and private sector, with the White House describing such practices as 'forced illegal and immoral discrimination'. Dame Julia Hoggett, chief executive of the LSE, said the absence of a DEI-positive environment in the US could influence companies' decisions when they choose where their shares will be listed. • London Stock Exchange boss: We must make people proud to own shares 'We follow the rules and the laws in every country in which we operate, but we set our culture. It wouldn't surprise me
The Independent
30-04-2025
- Business
- The Independent
Top business award for London Stock Exchange chief executive
The chief executive of the London Stock Exchange has won a prestigious business award. Dame Julia Hoggett has been named this year's winner of the Veuve Clicquot Bold Woman Award, the longest-running international accolade honouring outstanding women in business. She was recognised for her leadership and impact as a woman in financial services for her role at the London Stock Exchange, the largest European exchange, and for her leadership of the UK's Capital Markets Industry Taskforce. Judges also praised her role in championing diversity and inclusion throughout her career. Insiya Jafferjee, co-founder of sustainable packaging company Shellworks, was awarded Veuve Clicquot's Bold Future Award, which celebrates female entrepreneurs of the future. She was honoured for creating the world's first sustainable packaging material with the aim of tackling the plastic waste crisis. The judges said they were impressed by her commitment to building a business with significant scale at such speed – Shellworks has already replaced 40 tonnes of plastic and 1.2 million packaging solutions that would have otherwise relied on petroleum plastics. Dame Julia said: 'It is a huge honour to win such a prestigious award and be recognised amongst the ranks of these other truly inspiring, bold women. 'I often use the phrase 'the braver I am, the braver I get'. Being bold, brave, ambitious and inclusive in our vision for the London Stock Exchange and its role in building an ecosystem in which entrepreneurs and investors can thrive is hugely important to me. 'That is why I am so honoured to have won this award – one that passes the metaphorical baton for female business leaders on from Madame Clicquot herself. 'However, any organisation is not about one person, but about the remarkable teams of people that make them up. I am incredibly proud of, and grateful to, the teams that support me in running the London Stock Exchange and our wider businesses each and every day.' Ms Jafferjee said: 'I'm incredibly proud of how far Shellworks has come, growing from a small start-up into a leader in sustainable packaging. Last year we reached £1 million in revenue, and this year we're setting our sights on £4.5 million. 'The journey has been tricky at times but deeply rewarding, and I'm excited for what's ahead. 'The biggest challenge I've faced with Shellworks is scepticism. People often doubt that what we do is even possible. At first, they didn't believe we could create the product. Then, they said it couldn't be scaled. Later, they insisted it couldn't be sold. 'Proving them wrong at every stage has been my boldest and bravest achievement, and I'm honoured that this award recognises that journey. I hope to inspire other women to be fearless and pursue their passions.' Jean-Marc Gallot, president of Veuve Clicquot, said: ' Building on the legacy of Madame Clicquot, these two women are reshaping the future of business. 'Their achievements go far beyond profit, serving as inspiration for aspiring female entrepreneurs. Whether it's driving the UK economy or tackling plastic waste, they show that bold decisions, standing out, and proving others wrong lead to both financial success and positive societal impact.'
