Latest news with #RupertSoames
BBC News
08-07-2025
- Business
- BBC News
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 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 Rupert Soames said that lighter regulation, better marketing and incentives for investors to put cash into British firms were needed to stem the 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 Reeves is expected to consider cutting tax breaks for people parking their savings in cash ISAs, in a bid to encourage more investment in stocks and is expected to set out how people can be given the right information and support to take a stake in government's effort to grow the Soames said he would support changes in tax law to encourage more investment, arguing that the current annual £20,000 allowance to put cash that can earn interest tax free did little to help growth. "Of all the investments that God ever invented, cash [ISA] is the worst possible one," he on whether it cash ISAs were safer than people putting their money into stocks and shares, he replied: "Safe from what? Inflation - I don't think so."There is £300bn that people have squirrelled away and I suspect the chancellor will want to do something about that and say that if you are going to take tax shelter then should it be in cash or something productive." 'Houston we have a problem' "Houston we have a problem" was how Mr Soames characterised widespread concern about the steady outflow of companies from UK markets, particularly to the well-known and highly regarded UK companies now sell their shares on foreign markets. Once the jewel in the crown of UK, tech firm ARM Holdings is now listed in New York. Just Eat and Deliveroo have moved or been gobbled up by competitors, Paddy Power's parent company Flutter is betting on the US, and mining giant BHP headed down under to rumours remain over the future of London stalwarts Shell, and UK's most valuable company, Astra year alone 88 companies left the UK, and 70 more have departed so far this year. A trickle has become a Soames said the exits mattered because the stock market is part of the foundations of a financial services industry that pays 10% of all taxes in the UK - "supporting hospitals and schools up and down the land". Last year, the chief executive of the London Stock Exchange denied it was in crisis despite the high-profile exits. 'Don't be squeamish on executive pay' When it comes to public companies being bought up by private firms, the benefits are many. Private buyers are prepared to pay more for the business, pay executives higher salaries and are subject to less scrutiny and regulation. Mr Soames argued the country needed to be "grown up" about some of these issues if the UK wanted to retain the world's best companies. "If you want to have international companies here you've got to allow them to pay management what they think that they need to be paid and not be squeamish," he CBI's report welcomed some of the work done already to bolster UK stock markets. The previous Conservative government loosened some listing requirements and Reeves has plans to consolidate some public sector pension funds into superfunds. Several of the biggest pension and insurance firms have voluntarily signed up to invest more in UK private assets. But there's little evidence that has moved the needle of the UK investment industry, which only invests 4% of its assets in publicly-traded British companies. A Treasury spokesperson told the BBC that the Chancellor would next week set out more detail on how the government intends to "ruthlessly exploit our global advantages". "This includes continued reform to ensure our capital markets are competitive and at the forefront of modern public markets," they London raised three times more equity capital than the next three European exchanges combined next year, there is more to do to ensure we attract the most promising companies to list on our challenge is not just to lead the investment horse to water but to make it drink out of your own pool.
Daily Mail
08-07-2025
- Business
- Daily Mail
Shein float would be a 'good thing' for the City: CBI chief shrugs off human rights concerns
The boss of the CBI insisted it would be 'a rather good thing' if Shein listed in London – just hours after it emerged the Chinese fast-fashion giant had applied for a Hong Kong float. Rupert Soames said Britain is a 'hub for global businesses' and 'a happy home for global companies' – and as such Shein should be 'welcomed'. The comments came after the Financial Times revealed the firm, which is now based in Singapore, has filed papers for a listing in Hong Kong. While this may be seen as a snub to the UK, it is thought the application is an attempt to convince regulators to approve its bid to join the stock market. Shein, which was founded in China and makes most of its clothes there, applied to go public in London 18 months ago. But the £50billion float has been delayed amid concerns over alleged human rights abuses. Campaigners have accused China of using the Uyghur ethnic group as slave labour in the Xinjiang region. Beijing has denied any abuses.
Yahoo
03-07-2025
- Business
- Yahoo
CBI kicks off search for successor to ‘saviour' Soames
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023. Sky News has learnt that the business lobbying group's nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead. Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members. Money latest: Has bond market calmed after chancellor's tears? The group's handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers. One prominent CBI member described Mr Soames on Thursday as the group's "saviour". "Without his ability to bring members back, the organisation wouldn't exist today," they claimed. Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as 'the voice of British business'. Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year. Egon Zehnder International is handling the search for the CBI. "The CBI chair's term typically runs for two years and Rupert Soames will end his term in early 2026," a CBI spokesperson said. "In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
Sky News
03-07-2025
- Business
- Sky News
CBI kicks off search for successor to ‘saviour' Soames
The CBI has begun a search for a successor to Rupert Soames, its chairman, as it continues its recovery from the crisis which brought it to the brink of collapse in 2023. Sky News has learnt that the business lobbying group's nominations committee has engaged headhunters to assist with a hunt for its next corporate figurehead. Mr Soames, the grandson of Sir Winston Churchill, was recruited by the CBI in late 2023 with the organisation lurching towards insolvency after an exodus of members. The group's handling of a sexual misconduct scandal saw it forced to secure emergency funding from a group of banks, even as it was frozen out of meetings with government ministers. One prominent CBI member described Mr Soames on Thursday as the group's "saviour". "Without his ability to bring members back, the organisation wouldn't exist today," they claimed. Mr Soames and Rain Newton-Smith, the CBI chief executive, have partly restored its influence in Whitehall, although many doubt that it will ever be able to credibly reclaim its former status as 'the voice of British business'. Its next chair, who is also likely to be drawn from a leading listed company boardroom, will take over from Mr Soames early next year. Egon Zehnder International is handling the search for the CBI. "The CBI chair's term typically runs for two years and Rupert Soames will end his term in early 2026," a CBI spokesperson said. "In line with good governance, we have begun the search for a successor to ensure continuity and a smooth transition."
Times
21-05-2025
- Business
- Times
UK ‘needs regulatory overhaul' as firms complain of added burdens
The CBI has called for an overhaul of Britain's regulatory regime, with its president saying that 'we let complexity creep in, and courage leak out' of how businesses are overseen. Rupert Soames, CBI president, is expected to say that there needs to be a consensus between business and government to 'think more openly about risk appetite, while setting clear red lines for the protection of consumers and businesses'. In a speech he is due to give at a business event in London on Wednesday, Soames is planning to say that now is the right time for significant reform as the UK resets its relationship with the European Union. 'The UK has a golden opportunity to reduce both trade and regulatory barriers with the EU,
