Footloose FTSE 100 chiefs test Britain's appeal as leaders move abroad
UK bosses relocate to the US, UAE and Australia, prompting debate over loyalty to Britain as markets weigh reforms and tax regimes.
Footloose FTSE 100 chief executives are increasingly living abroad, a trend highlighted by Ruth Sunderland in her column for the Daily Mail. Jon Stanton, chief executive of Weir Group, has moved to the United States for personal reasons, leaving Bath behind and taking Glasgow's status as headquarters in name more than in daily life. Earlier, Informa chief executive Lord Carter decamped to the United Arab Emirates, drawn to a fast-growing market and a tax regime perceived as favorable. Informa has also staged overseas-linked shareholder events, including its annual meeting in the South of France this year, which made in-person attendance costly for many UK holders. AstraZeneca chief executive Pascal Soriot has spent much of the past year in Australia, said to be increasingly disillusioned with the UK as a place to develop drugs. The broader backdrop includes ongoing concerns about NHS drugs pricing and, more generally, wealth moving to lower-tax jurisdictions.
Industry observers note that many FTSE 100 leaders are international in their operations and travel; some have little more than a brass plate in London. Yet when a firm has deep roots and a substantial UK workforce, the decision of its chief executive to live abroad can feel like a signal of prioritizing personal agenda over shareholders’ interests. The article cites Rico Back, the former Royal Mail chief, who faced scrutiny for sheltering in a Swiss penthouse while frontline workers faced the pandemic in Britain. In the City, such moves can cast a pall over morale and the sense that Britain remains a credible home for long-term corporate stewardship.
Not all signals from the leadership class are negative. The fashion-to-footwear retailer Next stands out in a dour holiday backdrop, with shares up about 43% this year and a string of profit upgrades in 2024. It is reported to be in talks to acquire shoe chain Russell & Bromley, expanding a portfolio built on brand strength and omnichannel reach. Next’s Total Platform has created lucrative new revenue streams by providing e-commerce infrastructure to partner brands, while its communications—clear, candid, and free of business jargon—have been a hallmark of the company’s governance. Lord Wolfson has steered Next through a challenging period with steady execution, reinforcing the notion that a well-run business can thrive even when external conditions are unfavourable.
On the financing side, the Financial Conduct Authority (FCA) is pursuing reforms to the mortgage market to reflect modern living arrangements. The traditional 25-year mortgage is increasingly seen as a relic of a different era—one when people could expect to buy in their 20s, remain employed in steady roles for decades, and retire with a pension plan. Today, first-time buyers face steeper barriers, and many older households have wealth tied up in property that could be deployed differently to meet evolving needs. While it is sensible for the FCA to explore how mortgages should adapt to social shifts, some economists argue that a straightforward fix would be to abolish stamp duty on property purchases, a reform many ministers have signaled interest in pursuing as a simpler way to boost housing mobility and affordability.
The broader question is whether Britain’s leadership talent can remain anchored to the nation’s economic future. A diaspora of blue-chip executives, especially when coupled with tax considerations and regulatory costs, risks signaling less solidarity with the home market. The City has faced a difficult stretch as it contends with a global economy and a post-pandemic reset. In this context, the prioritization of personal mobility over local commitments can feel out of step with broader public-interest goals, even if many executives run multinational businesses where operations are truly global.
In the weeks ahead, policymakers and business leaders will weigh how to balance the realities of global investment flows with the need to sustain a robust, locally anchored corporate base. For now, the juxtaposition is stark: a handful of high-profile leaders choosing life abroad or flexible, non-resident arrangements, alongside fast-moving retailers like Next that demonstrate resilience through execution and clear communication. The outcome of these dynamics will help shape the UK’s corporate climate as it heads toward the new year and beyond.