Arm co-founder partly blames ‘Brexit idiocy’ for US flotation

Arm aims to raise $10bn and could achieve a valuation of between $30bn and $70bn from its US float. Photograph: ARM Holdings/PA

Brexit “idiocy” is partly to blame for Arm’s decision to choose New York over London for its stock market listing, but a secondary listing in the UK at a later date would make sense, according to a co-founder of the Cambridge-based chip designer.

Arm’s parent, the Japanese conglomerate SoftBank, has officially filed for a US-only listing, in a blow to the UK government, which has lobbied hard for a London listing.