Jeremy Hunt claims that LSE will have its own 'Big Seven' over the next decade

Claims that the London stock market is in trouble and that forecasts of its extinction are "massively overstated" have been refuted by Jeremy Hunt.

During the next ten years, the Chancellor stated at a Wall Street Journal-organized gathering that at least seven internet companies will list in London.

The 'Magnificent Seven' tech stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—were mentioned. He said that the primary distinction in value between the LSE and New York was due to their respective performances.

"I think that in ten years, we'll have seven tech stocks of our own in the UK, and that will boost the London stock market in the exact same manner that tech stocks are currently doing in the US.

"Why? because we have a pipeline of outstanding firms and are the centre of Europe's technology industry.

"London's stock market collapse is much exaggerated, in my opinion. There are difficulties for us, and we are working to overcome them.

The massive construction company CRH, which moved its main listing to New York in September of last year, released its results today.

While travel major Tui, which reports next week, moved its primary listing back to Germany, bookmaker Flutter also announced last week that it is shifting its listing to the US.

Hunt said this tendency will be reversed by the proposed modifications to London's listing requirements.

(Sources: investing.com, proactiveinvestors.co.uk)