London May Be Coming for Wall Street Again
City of London Policy Chairman Chris Hayward tells In the City that the UK financial industry is bouncing back from the aftermath of Brexit.
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2 hours ago
- Yahoo
Starmer intervenes over plans for higher energy bills in the South
Sir Keir Starmer has intervened in controversial net zero proposals to make homes and businesses in the South pay more for power than those in the North, amid fears of a voter backlash. In recent days, Downing Street has taken a growing interest in plans for so-called zonal electricity pricing being considered by Ed Miliband, the Energy Secretary. No10 officials have contacted industry chiefs to signal that the Prime Minister is overseeing the potential policy. Downing Street is understood to have requested a further review of the costs and benefits – raising the prospect that the idea could be killed off or kicked into the long grass. Zonal pricing aims to capture efficiencies by lowering the relative cost of electricity close to wind farms and has already sparked a bitter war of words among energy bosses. It would result in Britain being divided into zones, with prices in each based on local supply and demand. There is currently one national price. Supporters claim the switch would lead to savings of £52bn for consumers overall, as well as a £27bn saving on grid upgrades that would no longer be required. Sir Keir's intervention is the latest sign of tensions within Labour over net zero. Pledges on job creation, investment in carbon capture technology, and heat pump and electric car targets have all sparked fierce policy debates across Whitehall. Mr Miliband's officials are said to be supportive of zonal pricing but the Energy Secretary himself has yet to declare a position. Whitehall sources insisted no final decisions had been made and that a range of views were still being considered. The involvement of Downing Street will be interpreted as a sign of political anxiety about the controversial policy. Nigel Farage's Reform UK has made net zero and the cost of energy a key campaign issue and pledged to fight plans to roll out renewable power projects and pylons across the countryside. Giving a speech in Scotland this week, Mr Farage likened the Government's net zero policies to 'the next Brexit'. In practice, a zonal system would mean higher wholesale power prices for London and the South compared with the North and Scotland, where most wind farms are concentrated. But supporters say it would slash bills for consumers overall, by reducing the need for costly grid upgrades and slashing the amount paid to wind farms to switch off. A report by FTI Consulting this year predicted overall savings under zonal of £52bn for consumers over 20 years. Another report by the same firm, commissioned by Octopus Energy and shared with Mr Miliband's officials, also found that £27bn less would need to be spent on major grid upgrades under the reforms, resulting in nearly 2,000 fewer miles of cables. The claims of savings are disputed by opponents, who say a major market shake-up will deter investment and imperil the Government's plans for a renewable energy construction boom this decade. Ministers have argued that the Government's strategy for a power system running almost entirely on renewables by 2030 will bring down prices and provide Britain with greater energy security. Asked to comment on the involvement of Downing Street, a spokesman for Mr Miliband's department refused to comment on 'speculation'. But Andrew Bowie, the shadow energy minister, said the Prime Minister's move to scrutinise zonal pricing more closely implied lack of faith in the Energy Secretary. He said: 'It suggests that the PM does not trust Ed Miliband to take a decision of this magnitude.' The Government has previously pledged to make a decision by the middle of this year, ahead of a renewable energy auction in the summer that will hand subsidies to major wind farm projects that are vital to Mr Miliband's clean power goals. That has prompted warnings from wind farm developers that embarking on a major shake-up of the electricity market now will create unnecessary uncertainty, leading to the cancellation of schemes or demands for higher power prices to compensate. Keith Anderson, the chief executive of Scottish Power, last month urged ministers not to 'snatch defeat from the jaws of victory' by pushing ahead with the reforms. At the same time, ministers are under intense pressure to cut energy bills for households and businesses following Mr Miliband's pre-election promise to slash them by £300 a year. Critics say the existing national pricing system also distorts the market – for example, by encouraging batteries to charge at the wrong times and inter-connectors to send power from Britain to Europe even when it is needed in the South. In recent months, the Government has sought to quell wind developer concerns about the policy by suggesting that existing schemes will benefit from 'grandfathering' – meaning they would retain current payment terms. Mr Miliband is also weighing up an alternative proposal that would seek to reform the national electricity pricing system to better reflect 'locational signals', although these have not been fleshed out. A key moment in the debate is likely to come next week, when Mr Miliband is expected to make his recommendation, for or against zonal pricing, to Downing Street. If zonal pricing is implemented it would be the biggest shake-up of the market since privatisation in the 1990s. Richard Tice, Reform UK's energy spokesman, said: 'Zonal pricing is a trick designed to try to cover up the ever-rising energy bills we face because of subsidies to renewable energy. 'Keir Starmer is now panicking over the costs of renewables and the loss of votes to Reform.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
3 hours ago
- Yahoo
Factbox-UK Market Exodus: Companies that have moved away from a London listing
(Reuters) -British money transfer firm Wise became the latest UK listed firm on Thursday to say that it intends to move its primary listing to the U.S. from London. A growing number of companies have shelved or shifted plans to list in London, due to investor pushback and Brexit-related challenges that have pressured UK market valuations. Instead, they have opted for the U.S. and other markets, where they see stronger appetite and higher valuations. Cobalt: The Glencore-backed metals investor scrapped its plans for a London IPO on Wednesday, which, according to one source, was driven by a lack of demand. The company, valued at around $230 million, would have seen London's largest market debut since Air Astana's listing in February 2024. Indivior: The drugmaker said on Monday it will cancel its secondary listing on the London Stock Exchange effective July 25, citing cost savings and a desire to align more closely with its U.S.-focused operations. The 1.25 billion pound ($1.70 billion) pharmaceutical firm will retain its primary listing on the Nasdaq. BHP: The world's largest miner by market value ($125.10 billion) made Australia its primary stock market when it ended its dual-listing structure in 2021. The company was the second largest by market value in London when it left the stock market. Unilever: The Ben & Jerry's maker in February picked Amsterdam as the primary listing for its ice cream business. The business, which generated a turnover of 8.3 billion euros ($9.47 billion) in 2024, will have secondary listings in London and New York. Glencore: The Swiss miner said in February it was considering moving its primary listing from London. The company, with a market value of 34.5 billion pounds, said New York was at the top of the list under consideration. Shein: The online fast fashion retailer is working towards a listing in Hong Kong after its proposed initial public offering (IPO) in London failed to secure the green light from Chinese regulators, three sources with knowledge of the matter told Reuters in May. However, before its attempt to list in London, Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and access to a wide pool of large Western investors. Ashtead: The second-largest equipment rental company in the U.S. said in December it plans to shift its listing to New York. With a market value of 18.3 billion pounds, Ashtead has been listed in London since 1986, and transformed into a major U.S. player in the early 2000s. Just Eat Takeaway: The Amsterdam-listed food delivery company delisted from the London Stock Exchange in December, citing efforts to reduce administrative and regulatory costs. The company has a market value of 4.05 billion euros. Flutter Entertainment: The FanDuel-owner in 2024 moved its primary listing to the New York Stock Exchange (NYSE), just a few months after it added a secondary listing in the US. CRH: The building materials solutions provider, which has $61.29 billion in market value, switched its primary listing to the NYSE in 2023, while maintaining a standard listing on the London Stock Exchange. Arm Holdings: The UK-based chip designer chose Nasdaq over London for its 2023 IPO — the largest of that year. The company, now valued at just over $138 billion, was previously listed in London for 18 years till 2016, when it was taken private by SoftBank in a $32 billion acquisition. ($1 = 0.8763 euros) ($1 = 0.7355 pounds) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Starmer intervenes on plans for higher energy bills in the South
Sir Keir Starmer has intervened in controversial net zero proposals to make homes and businesses in the South pay more for power than those in the North, amid fears of a voter backlash. In recent days, Downing Street has taken a growing interest in plans for so-called zonal electricity pricing being considered by Ed Miliband, the Energy Secretary. No10 officials have contacted industry chiefs to signal that the Prime Minister is overseeing the potential policy. Downing Street is understood to have requested a further review of the costs and benefits – raising the prospect that the idea could be killed off or kicked into the long grass. Zonal pricing aims to capture efficiencies by lowering the relative cost of electricity close to wind farms and has already sparked a bitter war of words among energy bosses. It would result in Britain being divided into zones, with prices in each based on local supply and demand. There is currently one national price. Supporters claim the switch would lead to savings of £52bn for consumers overall, as well as a £27bn saving on grid upgrades that would no longer be required. Sir Keir's intervention is the latest sign of tensions within Labour over net zero. Pledges on job creation, investment in carbon capture technology, and heat pump and electric car targets have all sparked fierce policy debates across Whitehall. Mr Miliband's officials are said to be supportive of zonal pricing but the Energy Secretary himself has yet to declare a position. Whitehall sources insisted no final decisions had been made and that a range of views were still being considered. The involvement of Downing Street will be interpreted as a sign of political anxiety about the controversial policy. Nigel Farage's Reform UK has made net zero and the cost of energy a key campaign issue and pledged to fight plans to roll out renewable power projects and pylons across the countryside. Giving a speech in Scotland this week, Mr Farage likened the Government's net zero policies to 'the next Brexit'. In practice, a zonal system would mean higher wholesale power prices for London and the South compared with the North and Scotland, where most wind farms are concentrated. But supporters say it would slash bills for consumers overall, by reducing the need for costly grid upgrades and slashing the amount paid to wind farms to switch off. A report by FTI Consulting this year predicted overall savings under zonal of £52bn for consumers over 20 years. Another report by the same firm, commissioned by Octopus Energy and shared with Mr Miliband's officials, also found that £27bn less would need to be spent on major grid upgrades under the reforms, resulting in nearly 2,000 fewer miles of cables. The claims of savings are disputed by opponents, who say a major market shake-up will deter investment and imperil the Government's plans for a renewable energy construction boom this decade. Ministers have argued that the Government's strategy for a power system running almost entirely on renewables by 2030 will bring down prices and provide Britain with greater energy security. Asked to comment on the involvement of Downing Street, a spokesman for Mr Miliband's department refused to comment on 'speculation'. But Andrew Bowie, the shadow energy minister, said the Prime Minister's move to scrutinise zonal pricing more closely implied lack of faith in the Energy Secretary. He said: 'It suggests that the PM does not trust Ed Miliband to take a decision of this magnitude.' The Government has previously pledged to make a decision by the middle of this year, ahead of a renewable energy auction in the summer that will hand subsidies to major wind farm projects that are vital to Mr Miliband's clean power goals. That has prompted warnings from wind farm developers that embarking on a major shake-up of the electricity market now will create unnecessary uncertainty, leading to the cancellation of schemes or demands for higher power prices to compensate. Keith Anderson, the chief executive of Scottish Power, last month urged ministers not to 'snatch defeat from the jaws of victory' by pushing ahead with the reforms. At the same time, ministers are under intense pressure to cut energy bills for households and businesses following Mr Miliband's pre-election promise to slash them by £300 a year. Critics say the existing national pricing system also distorts the market – for example, by encouraging batteries to charge at the wrong times and inter-connectors to send power from Britain to Europe even when it is needed in the South. In recent months, the Government has sought to quell wind developer concerns about the policy by suggesting that existing schemes will benefit from 'grandfathering' – meaning they would retain current payment terms. Mr Miliband is also weighing up an alternative proposal that would seek to reform the national electricity pricing system to better reflect 'locational signals', although these have not been fleshed out. A key moment in the debate is likely to come next week, when Mr Miliband is expected to make his recommendation, for or against zonal pricing, to Downing Street. If zonal pricing is implemented it would be the biggest shake-up of the market since privatisation in the 1990s. Richard Tice, Reform UK's energy spokesman, said: 'Zonal pricing is a trick designed to try to cover up the ever-rising energy bills we face because of subsidies to renewable energy. 'Keir Starmer is now panicking over the costs of renewables and the loss of votes to Reform.'
