(Bloomberg) -- The British government’s long-term technology strategy “couldn’t be any worse than it is at the moment,” Arm Ltd.’s co-founder Jamie Urquhart told Bloomberg Radio this week.

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Urquhart, who served as the chip design company’s chief operating officer when it went public in 1998 and now works as an adviser, said there was very little continuity to the UK’s approach to semiconductors.

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“Even now we are waiting for the government to come out with a semiconductor strategy,” Urquhart said. “There’s very little here in the UK and on the things we are worried about, the Chinese already own them.”

Urquhart’s comments come in the same week that the Softbank-backed company decided not to list on the London Stock Exchange. Instead Arm will focus on a sole listing in New York later this year, people familiar with the matter told Bloomberg. This is a blow to UK politicians who were lobbying the home-grown technology giant ahead of its initial public offering.

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