Interesting comment this week.
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 [micro] chip designer.
Arm aims to raise $10bn (£8bn) and could achieve a valuation of between $30bn and $70bn in what is likely to be one of the biggest US floats this year, Arm's co-founder Hermann Hauser said, adding that it would have struggled to raise this amount of money in the UK. "Softbank really needs the money to further support the growth of Arm," he said.
Speaking on BBC Radio 4's Today programme, he explained why in his view the business had decided against a dual listing in London and New York.
"The problem is, to IPO on two stock exchanges at the same time is an enormous amount of work, so the administrative effort is double," he said. "The fact is that New York of course is a much deeper market than London, partially because of the Brexit idiocy the image of London has suffered a lot in the international community."
That's not just a cosmetic thing. Nor is it just capitalism being capitalism. Or capitalists being capitalists. That's a very real dynamic that has continuing repercussions that will resonate likely for years, perhaps decades, to come. Investment in Britain that won't now occur. And the bizarre aspect of that - given that Britain was, when a member, the primary English-speaking state within the European Union - leads to a situation where Ireland will, at least to some extent, benefit.
All entirely predictable. This was said at the time. But to no effect.
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