While you’re absolutely right, there is often an element of appeasing the big US tech companies in London, given that the likes of Meta and Amazon are two of the biggest employers in the tech industry here. Pair this with the fact that we’ve got a large tech industry with very zero unicorns or home-grown success stories with a UK HQ, and I can see some pressure to compromise.

There’s a reason why FAANG companies barely pay tax here, and it’s often because the threat of packing up and going home would absolutely crush the UK tech industry.