The news that Dame Julia Hoggett, head of the London Stock Exchange, is calling for a revival campaign along the lines of the 1980s’ ‘Tell Sid’ push to get Brits investing again feels like a signal flare amid the fog of a deeper problem.
It’s not just about tweaking listing rules or launching new platforms, those reforms have been ticking along, but about culture.
The UK stock market isn’t just a financial playground for the few, it’s a national engine for growth, yet many seem to have checked out, either daunted or simply uninterested. Just 25% of Brits invest in shares, compared to 60% in the US, a gap that won’t be bridged by regulation alone.
This raises a bigger question about why the UK’s financial heart seems to be losing its pulse. Is it purely down to post-pandemic caution, or is there something more fundamental at play, a shift in mindset away from risk and growth towards a preference for safe havens like property or cryptocurrencies? And if that’s the case, can a government campaign really reignite appetite for equities, or are we seeing a cultural realignment where shares are no longer seen as a core part of wealth-building?
The way I see it, the answer lies in slow growth. Why would Brits invest in UK listed companies when the economy is sluggish, real growth is hard to find, the government is mostly raising taxes, and inflation remains stubbornly high?
Everyone’s attention is fixed on where you see real returns – the US giants like Tesla, Nvidia, Google, Amazon, and Meta. These firms dominate the headlines and drive the market, while London-listed stocks rarely generate the same buzz. Ask anyone which company on the London Stock Exchange they’d invest in, and most wouldn’t have a clue. Talk to anyone about investing and they’ll immediately mention a US listed firm.
With major companies fleeing London for US listings, the UK market risks slipping into a slow decline, becoming a secondary venue for companies rather than the vibrant hub of capital and innovation it once was.
If that happens, it’s not just about market numbers, it’s about lost opportunity for the broader economy. Hoggett’s call for a ‘Tell Sid 2.0’ campaign might seem nostalgic, but it’s also a wake-up call.
The question is whether the UK can still sell the idea that investing in the real economy matters, and if the public will listen this time around.