London’s stock market has endured a difficult few years, marked by a wave of delistings and IPO snubs. The number of companies listed on the London Stock Exchange (LSE) has fallen from 2,429 in 2015 to 1,534 in May 2026—a decade low —according to LSE data compiled by Statista. More than 30 have left, or are planning to leave this year, including the asset manager Schroders and easyJet, which have both agreed to U.S. takeovers.
U.K. markets suffer from a smaller domestic investor base and shallower pools of capital than the U.S. Meanwhile years of relative underperformance have depressed valuations of London-listed companies, making them increasingly attractive for foreign buyers and private equity takeovers.
Some business leaders are pointing the finger at the exchange itself. Octopus Energy founder Greg Jackson has said the exchange needs more “hustle” to win IPOs back.
It’s a narrative Julia Hoggett, chief executive of the London Stock Exchange, is determined to push back on. Talk of the exchange’s decline, in her view, is overstated.
Since joining LSE in 2021, Hoggett has driven a sweeping reform agenda designed to reverse the decline in flotations and boost capital market growth. In 2024, the U.K. rewrote its listing rules so that companies no longer need a shareholder vote for most acquisitions and gave founders more control after listing. The exchange has also reduced regulatory burdens on AIM, its junior market, to make it more attractive to international listings and has created Pisces, a new secondary market for trading existing shares.
