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Evening Standard

Business

Russ Shaw

Arm’s move to New York is a bitter pill to swallow -- London must learn a vital lesson

London United States New York United Kingdom Hill City FCA SoftBank

Britain’s flagship tech company - Arm - has opted for an initial public offering on New York’s Nasdaq . The news is a blow to the UK tech sector and the City - but in truth, the odds were never in London’s favour.

Arm’s decision has also been coming since 2016, when then-Chancellor Phillip Hammond allowed Arm to be sold to SoftBank – a sale which faced virtually no scrutiny and allowed an important national asset to be sold.

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