After months of deliberation British chip designer Arm has shunned London in favour of listing in New York. The Cambridge-based company, whose tech is inside almost every smartphone, used to be listed in London before being taken over by Japanese conglomerate Softbank in 2016. On Friday it confirmed it’s planning a listing across the pond with a valuation in the wide range of $30-70bn. The UK government, including the PM and former Goldman Sachs banker Rishi Sunak, has been trying to persuade the company to relist in London. But insiders said the persistent political instability and too shallow an investor base in London made New York more attractive. It’s a big loss for London and it heightens concerns that the UK market is not competitive internationally.