Shadow Chancellor Pressured to Scrap Stamp Duty on Share Trading to Boost UK Stock Market
Rachel Reeves, the Shadow Chancellor, is under pressure to scrap stamp duty on stock market trading to boost the UK stock market. Meanwhile, the Chancellor is contemplating a stamp duty break for investors purchasing newly listed shares to encourage more companies to list on the stock market.
Rachel Reeves is facing calls to abolish the 0.5 percent stamp duty on stock market trading to stimulate the UK stock market. This move is seen as a way to make the UK more competitive with other global financial hubs.
Financial expert Robert Halver has demanded the abolition of this tax. He regards AstraZeneca's plans for a full listing in New York as a 'true warning shot'. Halver believes that if the UK does not make its stock market more attractive, more companies may choose to list elsewhere.
Charles Hall, an analyst at Peel Hunt, echoes Halver's sentiments. He suggests scrapping the stamp duty levy altogether. Hall also views AstraZeneca's New York listing plans as a 'proper warning shot'. He believes that without action, more companies may leave London for rivals like New York.
The UK government is considering measures to make the stock market more competitive. Rachel Reeves is under pressure to abolish stamp duty on stock market trading, while the Chancellor is contemplating a stamp duty break for investors buying newly listed shares. Experts warn that without action, more companies may choose to list elsewhere, potentially leading to a brain drain for the UK stock market.
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