Recommendation 11

In some cases, there may be fewer long-term benefits from inward investment than originally forecast if, for example, foreign investors choose to move parts of their operations, jobs and skilled UK staff overseas.24 We heard about the cases of Japanese-owned chip designer Arm, and Irish buildings materials group CRH, who both announced, in March 2023, plans to move their stock market listings from London to New York. The Department noted that if a company’s listing moves, its headquarters would not necessarily follow, but agreed that there is a risk of this happening.25 The Department subsequently wrote to tell us that the British Business Bank and its subsidiary, British Patient Capital, play a role in ensuring that innovating companies can access the growth capital they need to scale and stay in the UK.26