Press releases 2002
11 July 2002
UK BUSINESS STEPS UP CAMPAIGN FOR STAMP DUTY ABOLITION
Business, industry and financial market leaders will come together at a special conference in September to debate the serious damage being inflicted on the UK economy by stamp duty on share dealing.
The London Stock Exchange, Corporation of London, and the National Association of Pension Funds (NAPF) have joined forces to organise the 'Energising the Economy' event, which is being held at the Guildhall in the City of London on Tuesday 24 September.
The conference will focus attention on how stamp duty increases transaction costs, reduces the value of pensions, and hampers the ability of UK companies to raise capital efficiently and compete with their international competitors.
Speakers will include Digby Jones, Director-General of the CBI; the Exchange's Chairman, Don Cruickshank; Dame Judith Mayhew, Chairman of the Policy and Resources Committee at the Corporation of London; and the NAPF's Chief Executive, Christine Farnish. The Treasury has been invited to take part in the debate.
Don Cruickshank said he believed the conference was likely to crystallise the case for the Government to abolish stamp duty before it does further harm to the UK economy. He said:
"It is a nonsense that, amongst all the major global economies, the UK stands alone in levying stamp duty at such a punitive rate. Worse, it raises the cost of capital for British based companies only.
"By bringing all the relevant business leaders and arguments together in one place, this event will show that UK companies and financial markets have had enough of this uniquely damaging tax."
More details about the conference will be made available closer to the event. Delegates will include leading business and financial markets figures.
The campaign for abolition of stamp duty on share dealing is supported by the Quoted Companies Alliance, the Association of Private Client Investment Managers and Stockbrokers, the Association of British Insurers, the London Investment Banking Association and the British Bankers' Association.
The Exchange has commissioned a substantial body of research that highlights the serious damage that stamp duty does to the UK economy. Click here to see more information.
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