The decision by Anthropic to float on the New York Stock Exchange rather than the London Stock Exchange has sent a shudder through the Square Mile. For those of us who have watched the slow erosion of Britain's tech ambitions, this is not a surprise. It is a confirmation.
The AI firm, valued at a rumoured £18 billion, will list in the US, citing deeper capital pools, a more sophisticated investor base, and crucially, a regulatory environment that does not treat innovation as a threat to public order. The Treasury will wring its hands. The Financial Conduct Authority will mutter about 'proportionality.
' But the signal is clear: British capital markets are no longer the natural home for high-growth technology companies. The gilt yield on ten-year debt touched 4.25% this morning, a reflection of the market's view that the UK is becoming a low-growth, high-tax jurisdiction.
And while the Chancellor pats himself on the back for 'AI safety' regulation, the brightest minds are packing their bags. Capital flight is not just about money. It is about talent, ideas, and the future.
Anthropic's decision will be followed by others. We have seen this movie before. The question is whether the government has the stomach to write a new script, or whether it will continue to tax and regulate its way to irrelevance.
