Rachel Reeves is under mounting pressure to axe stamp duty on share trading in order to breathe new life into the UK stock market.

Concerns are growing that the number of firms leaving London for rival financial hubs, including New York, will increase unless urgent action is taken.

In response, the Chancellor is considering introducing a stamp duty break for investors buying newly listed shares, aiming to encourage more companies to list on the UK stock market.

However, there are increasing calls to scrap the 0.5 percent levy on share trading altogether.

Charles Hall, from Peel Hunt, argued that the tax should be abolished but acknowledged that Labour is unlikely to do so 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” for the UK market.
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