6/5/2025 | Business | GB
The announcement that Wise, a British fintech darling, would move its primary listing to the United States felt less like a corporate decision and more like a quiet surrender. For London, once the unrivaled heart of global finance, this was another stitch unraveling from a tapestry of decline. But beyond the headlines lies a human story—of workers, investors, and communities caught in the crossfire of geopolitical shifts and institutional failures.
London’s stock exchange has long been a symbol of Britain’s economic might, a place where fortunes were made and empires financed. Yet today, it’s a shadow of its former self, struggling to retain homegrown talent, let alone attract global players. Wise’s departure is a emotional gut-punch precisely because it mirrors a broader narrative: the slow bleed of trust in institutions that once seemed unshakable. The hypocrisy is palpable—politicians tout "Global Britain" post-Brexit, while companies vote with their feet, opting for deeper liquidity and more favorable regulatory climates abroad.
The human impact is stark. Consider the young analyst in Canary Wharf who staked her career on London’s tech renaissance, or the retail investor who believed patriotic slogans about 'British innovation.' For them, Wise’s move isn’t just a stock ticker change; it’s a referendum on opportunity. The 2020s have already been marked by a crisis of institutional trust—from crypto collapses to AI ethics scandals—and now, even the bedrock of financial markets wobbles. This isn’t just about money; it’s about the stories we tell ourselves regarding progress and belonging.
Historically, London’s decline echoes the fate of other financial hubs that failed to adapt. Amsterdam’s 18th-century stock exchange dominance waned as Britain’s industrial revolution took hold. Wall Street’s rise in the 20th century coincided with New York’s embrace of innovation—something London now struggles to replicate. Data from the London Stock Exchange Group reveals that IPO proceeds in 2024 fell to a 15-year low, while U.S. exchanges attracted 78% of global tech listings. The numbers don’t lie, but neither do the whispers in corporate boardrooms: London is no longer the default.
Tangentially, this exodus raises uncomfortable questions about Brexit’s economic legacy. Promises of regulatory freedom have yet to materialize into tangible benefits for fintech firms, which face stricter scrutiny than their U.S. counterparts. Meanwhile, the EU’s own capital markets remain fragmented, leaving companies like Wise with few alternatives to America’s deep-pocketed investors. It’s a paradox: in an era of globalization backlash, capital flows remain stubbornly centralized.
The solution isn’t nostalgia or protectionism—it’s reinvention. London must confront its rigid listing rules, archaic investor base (still skewed toward traditional industries), and lack of tech-savvy analysts. But more critically, it requires a vision that extends beyond spreadsheet metrics to human capital. Cities thrive when they offer more than transactional value; they need cultural vitality, affordable housing, and a sense of shared destiny. Without these, even the most favorable tax policies won’t stem the tide.
As Wise’s shares rise on the news of its U.S. shift, we’re left with a warning: financial hubs aren’t immortal. They’re built on trust, and once lost, that trust is agonizingly hard to rebuild. For everyday Britons, this isn’t abstract—it’s their pensions, their startups, their economic identity at stake. The real tragedy isn’t Wise leaving; it’s the quiet resignation that follows, the unspoken fear that London’s best days may already be behind it.
This opinion piece is a creative commentary based on publicly available news reports and events. It is intended for informational and educational purposes only. The views expressed are those of the author and do not constitute professional, legal, medical, or financial advice. Always consult with qualified experts regarding your specific circumstances.
By Tracey Wild, this article was inspired by this source.