Shein's London Listing Is A 'Very Bad Idea'

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Allowing Shein to list on the London stock market would be a "very bad idea", Nigel Farage has said.

The Reform UK leader criticised efforts by ministers including Jeremy Hunt to encourage the Chinese-founded fast-fashion company to go public in Britain, saying Shein's IPO would not help to revive the flagging market.

Mr Farage said the company's likely £50bn listing would not boost London's stature. The retailer has faced accusations of forced labour in its supply chain, which it denies.

Encouraging Shein to choose London would be a "mistake" that "won't change the IPO crisis" in the City, Mr Farage said.

He said: "They see an IPO for Shein and say, 'oh isn't that marvellous because London needs it'. No, it doesn't. It doesn't at all.

"Saying no to Shein is not cutting off our nose to spite our face. It's saying we think this is a very bad idea."

The Clacton parliamentary candidate said the London Stock Exchange was failing "because of excess regulation" and called for a "radical rethink of the financial market rules", adding: "We have not deregulated from EU rules at all."

The company – which was founded in China but is now headquartered in Singapore – is now preparing to file paperwork for a blockbuster listing, although this does not guarantee it would choose the UK market.