Barney Hussey-Yeo, who founded the AI fintech firm Cleo in 2016, argues that bold action is needed to reverse a damaging string of delistings and capital flight. He has pointed to the upcoming autumn Budget as a deadline for the UK government to demonstrate the “political will” required to secure the City’s future.

His own company, Cleo, relocated to the US in 2020 due to frustration with the UK’s risk-averse investment landscape, a move Mr Hussey-Yeo described as “very natural” for scaling firms. “We’re absolutely already an incubator economy – that is what we are and we have been,” he stated.

To counter the UK’s “finite capital”, Mr Hussey-Yeo proposed a “pan UK-American stock exchange”. Such a merger, he claimed, would “dramatically change the depth of capital and listing prospects” for companies on both sides of the Atlantic.

He also urged regulators to introduce an instant passporting system, allowing trusted firms to operate seamlessly across both jurisdictions. “Trusted nations trust each other and want to be partners, so then the regulators should trust each other as well,” he added, noting it would make cross-border operations far easier, City AM reports.

The call for reform comes despite efforts by Shadow Chancellor Rachel Reeves to galvanise fintech listings in London. The market has suffered recent blows, including money transfer firm Wise ditching its primary London listing in favour of the US.

As a potential listing candidate itself, Cleo has seen its revenue increase by 106% to $136 million (c. £101m) in the last year. Mr Hussey-Yeo confirmed he is closely watching the moves of peers such as Klarna, which debuted in New York this month, amid speculation over floats from Monzo and Revolut.