Labour’s shadow City minister has said the flurry of companies fleeing the UK to pursue listings in the US should be a “concern” for the City of London, as the party continues to set out its stall for financial services ahead of the next general election.

“Too often we see high growth firms, particularly in the tech sector, being bought by bigger players or going to list in the US when they look to scale up and grow,” Tulip Siddiq, shadow economic secretary to the Treasury, told delegates at the Investment Association’s annual policy conference in London on 20 June.