Rachel Reeves is under mounting pressure to axe stamp duty[1] on share trading to breathe life back into the UK stock market.
Fears are mounting that the list of firms leaving London for rivals including New York will increase unless action is taken.
The Chancellor is now considering a stamp duty break for investors buying newly listed shares to encourage more firms to list on the stock market.
Under pressure: Rachel Reeves is facing growing calls to ditch the 0.5 per cent stamp duty levy on share trading altogether
But she is facing growing calls to ditch the 0.5 per cent levy on share trading altogether.
Charles Hall, at Peel Hunt, said the tax should be scrapped but said Labour was unlikely to do so given the state of the economy.
He added that AstraZeneca’s plans for a full listing in New York should come as a ‘proper warning shot’.
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References
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