His final shot was to say he would not consider floating on the London markets but head for New York instead. After a funding round in 2021, it boasted of being worth £27billion even though it was only just in profit. Last month Schroders downgraded its value to £14billion, and like many other investors, has written down its stake by about half. If Revolut fears it will not be granted a licence, then this attack looks like a last-minute hard-ball lobbying tactic. It's far more important to the reputation of London, and the UK, that all companies which seek a banking licence should be scrutinised with forensic due diligence, and only granted to those beyond reproach.

Source: Daily Mail May 09, 2023 04:25 UTC