Rachel Reeves is facing increasing pressure to abolish stamp duty on share trading in an effort to revive the UK stock market. Concerns are growing that more companies may continue to leave London for rival financial hubs such as New York unless decisive action is taken.
The Chancellor is currently considering introducing a stamp duty break for investors purchasing newly listed shares, aiming to encourage more firms to list on the UK stock market. However, there are rising calls to eliminate the 0.5% levy on share trading entirely.
Charles Hall of Peel Hunt supports scrapping the tax but believes Labour is unlikely to take such a step given the current state of the economy. He also pointed to AstraZeneca’s plans for a full listing in New York as a “proper warning shot” about the risks facing the London market.
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