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News that Arm has chosen to float on the other side of the Atlantic is stunningly bad news for Britain. The rationale is straightforward, the business can fetch a higher valuation there. So too is the reason for that, even if some might argue otherwise. UK pension funds and insurance companies do not invest in British companies with their holdings currently standing at 1. 8% and 2. 5%, respectively. In fact, at 56. 3%, its foreigners who own the lion's share. Back in 1997, insurance companies owned 23.
