LSEG warns 20 FTSE giants may exit for New York, risking £2bn

The London Stock Exchange Group (LSEG) modeled a worst-case scenario where 20 FTSE 100 companies move primary listings to New York.

This potential exodus could cost the UK Treasury £2 billion in annual stamp duty revenue. The analysis follows pharmaceutical giant AstraZeneca’s decision to pursue a direct US listing, which downgraded London’s role as its primary trading venue.

The report identifies HSBC, BT, Vodafone, and Diageo as blue-chip companies at risk of relocating. These moves highlight growing concerns about London’s competitiveness and the appeal of deeper US capital pools. LSEG suggests that removing the 0.5% stamp duty on share purchases could mitigate the risk of companies relocating.