End stamp duty on shares to save City, Chancellor told
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Britain must axe stamp duty on share trading to revive the flagging stock market, according to leading City brokers. Senior figures lined up to urge Chancellor Rachel Reeves to ditch the 'pernicious tax' amid fears it is deterring investment in the UK, depressing the value of London-listed stocks and holding back the economy.
The clamour over stamp duty comes as critics warn that low valuations have left companies on the UK stock market vulnerable to predators looking to snap up firms on the cheap. A number of businesses have attracted takeover offers including Royal Mail owner International Distribution Services, insurer Direct Line, cyber security firm Darktrace and drinks maker Britvic.
Dan Coatsworth, investment analyst at broker AJ Bell, said 'a bounty of unloved or underappreciated' companies have been bought in a sign London-listed stocks are 'on sale'. Figures from the London Stock Exchange show 88 companies worth more than £100billion either delisted or transferred their primary listing from the UK in 2024.
Fears: Senior figures lined up to urge Chancellor Rachel Reeves to ditch the 'pernicious tax'. And data from financial markets platform Dealogic revealed by the Mail this week showed 585 companies worth a total £779billion have left the London market after being taken over since 2015, while just 567, worth a total £66billion, have joined it.
