London Stock Exchange: Decline in UK Funds

Lord Hannan of Kingsclere Excerpts

Thursday 13th February 2025 Lords Chamber

[Lord Livermore (Lab)]

The decision on whether a firm can list in the UK is a matter for the independent regulator, the FCA, subject to a firm meeting its listing rules and relevant disclosure requirements.

[Lord Hannan of Kingsclere (Con)]

My Lords, the chief beneficiary of the loss of business from London has been New York, where companies are not subject to stamp duty. Is the Minister’s department prepared to consider lifting this handicap from the London Stock Exchange to give us more of an equal chance?

[Lord Livermore (Lab)]

Stamp taxes on shares raise more than £4 billion a year in revenue. Targeted design features such as the exemption for transfers made on growth markets also support the UK’s competitiveness. This matter is out of scope of the pensions review, but we of course keep all taxes under review.