The sell-off in global technology stocks is threatening to derail London's ambitions as a listing destination, the Treasury has conceded in a stark assessment of market conditions. As gilt yields spike and the pound wobbles, the City's hopes of attracting high-growth tech firms are being dashed by a perfect storm of rising rates, geopolitical uncertainty, and investor flight to safety. The warning comes as the FTSE 100 has lost over 5% in the past fortnight, with tech-heavy indices bearing the brunt of the rout.
For a government that has staked its reputation on post-Brexit financial services reform, this is an inconvenient truth. The markets, as ever, are the ultimate arbiter of fiscal credibility. And right now, they are not impressed.
