TECH chiefs called on ministers to go further to overhaul the UK's capital markets yesterday as it emerged Boris Johnson had thrown his weight behind efforts to woo British chipmaker Arm into a London listing.

Johnson's intervention came after Arm's Japanese owner Softbank is preparing to float the Cambridgeheadquartered firm in New York, after a blockbuster deal with US rival Nvidia fell through earlier this year, rather than in London.

Boss of industry group Tech Nation Stephen Kelly said further action was needed by the government to tempt firms like Arm into listing in London.

"There is more work that can be done to innovate and align the broad ecosystem to ensure we don't waste the opportunity that the tech sector offers, to remain competitive, and to ensure these companies stay in the UK," he told City A.M.

Tech London Advocates' boss Russ Shaw added to the calls, saying the LSE needs to keep rules up to date and government must show "commitment" to listing reform.

The Financial Times first reported Johnson's intervention.

(c) 2022 City A.M., source Newspaper