Rishi Sunak, the chancellor, will this week welcome a report that will call for major reforms to the London stock market’s listings regime in a bid to encourage more technology ‘unicorns’ to go public in the UK. Sky News has learnt that a review headed by Lord Hill, a former EU commissioner, will recommend allowing tech entrepreneurs to retain greater control of their companies by formalising the creation of dual-class share structures. Lord Hill’s review will be published on Wednesday, alongside the Budget , according to insiders. One source said on Monday that Lord Hill had considered calling for the creation of a new high-growth segment on the London Stock Exchange to act as a focal point for tech companies with listing aspirations, although it was unclear whether this would be included in his final report. Mr Sunak commissioned the report in November, arguing that the UK’s departure from the European Union at the end of last year would give it greater freedom to shape its financial services rulebook. Advertisement However, proposals to introduce dual-class share structures and reduce the minimum proportion of a company’s shares which trade on public markets – known as the free float – have met… Read full this story
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