The number of flotation applications on the London Stock Exchange (LSE) has fallen this year despite efforts to revitalize the City.

The number of flotation applications on the LSE’s main market has fallen to its lowest level in six years, according to data from the Financial Conduct Authority (FCA).

The data comes as the City struggles to attract and retain high quality companies, leaving executives and politicians scrambling to figure out how to halt the decline of the Square Mile.

The latest blow to Britain’s financial center came last week when travel giant TUI announced it was considering plans to ditch its listing on the London Stock Exchange.

Only 56 companies applied to list their shares on the LSE’s main market between January and November 23 this year, according to figures released by the FCA in response to a freedom of information request by investment platform XTB.

The number of applications has been falling since 2021, when 125 companies submitted them.

This year’s figures remain well below the average of 112 firms per year between 2018 and 2022.

Joshua Raymond, director of XTB, said: “The decline in IPO market activity is particularly worrying for private investors.

“The stock market is the easiest and most straightforward way for retail clients to invest their money. We need a steady stream of new companies coming to market.”

Among the companies that ditched London in favor of a New York listing last year are chipmaker Arm and building materials giant CRH.

Companies are attracted to the U.S. by the higher value investors typically place on new listings, the increased liquidity of the market, and higher salaries and bonuses for executives.

Last month, executives from FTSE 100 companies urged the Chancellor to end the “vicious cycle” of the UK stock market’s decline, calling for sweeping reforms to revive investment in the City.

The figures come as the City of London Corporation prepares to open its first ever offices in New York in a bid to forge closer links between the world’s two biggest financial centers.

The governing body of London’s financial district will also set up store in Washington, D.C., as part of an offensive to garner support for Square Mile.

The corporation’s presence in New York and Washington will allow it to meet with the U.S. Congress, regulators and politicians.

The corporation’s main objective will be to make it easier for US investors to set up offices in the UK or invest more.

It will also seek closer cooperation on cybersecurity, digital regulation and artificial intelligence, as well as more technical discussions with US authorities on cryptocurrencies.

The corporation was founded in 1067 and is one of the oldest institutions in the world. It exists as the governing body of Square Mile and represents its interests to the government and around the world.