UK chip designer Arm chooses US-only listing in blow to Rishi Sunak

The company, which is owned by the Japanese conglomerate SoftBank, confirmed its preferred plan of seeking a US-only main listing later this year, spurning the UK despite heavy lobbying by successive prime ministers.

Sunak, his predecessor Boris Johnson and an army of government and London Stock Exchange officials had held intermittent talks with SoftBank in an attempt to convince it of the merits of a dual, if not full, listing in London.

Arm has previously had a dual listing on both sides of the Atlantic, before it was acquired by the Japanese company for £24.6bn in 2016, and had been a member of the FTSE for 18 years.