UK should penalise start-ups that take state aid but list abroad, says lobby group

The next UK government should examine ways of penalising start-ups that accept state support if they later list overseas or move valuable operations abroad, according to the lobby group for British banks. Any move to claw back tax breaks or other incentives from British companies that list overseas would be a significant escalation of efforts to halt the flow of businesses floating outside the UK, particularly in the US. In a paper published this week, UK Finance said: “The government should . .

The lobby group also called for more generous government support for high-growth companies and for existing funding schemes to be expanded to include regulated fintech businesses. The UK has been hit by a steady flow of its start-ups listing in New York, being bought by foreign companies or relying on overseas investors to fuel their growth, raising concerns that Britain is becoming an “incubator economy”.

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