Britain’s fintech giants have fired off a warning shot to Rachel Reeves ahead of her imminent tax-hiking Winter Budget. In a letter seen by Sky News, bosses including from Revolut, Funding Circle, and OakNorth tell the Chancellor that any new exit tax or hike in business levies will see them scrap plans to list on the London Stock Exchange. They write:
“Any potential changes to the fiscal environment could make the UK less attractive to existing and potential founders – resulting in reduced investment in UK start-ups and reduced innovation; will hinder efforts at driving growth; and may delay or even cancel companies’ plans to IPO in the UK. Founders need to see a stable and favourable taxation environment in order to take the risk of building a business here.”
Between them, the signatories run firms worth over $100 billion, and include the same bosses Reeves has spent the past year trying to charm. She even hosted a Downing Street reception this week to toast the resurgence of the UK equity market. Meanwhile, 88 companies delisted in 2024. City shivers…
