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\t\tCity chiefs are sounding the alarm over the health of London\u2019s markets\t<\/p>\n
Fears over the health of the City\u2019s stock market have been laid bare after trading platform IG became the latest firm to sound the alarm over the \u201ccrisis unfolding\u201d on the London bourse<\/a>.<\/p>\n The FTSE 250 firm has launched a \u201cSave our Stock market\u201d initiative \u2013 aptly dubbed the SOS campaign \u2013 which serves as an \u201curgent rallying cry to policymakers\u201d to reverse the market\u2019s decline.<\/p>\n \u201cOur stock market \u2013 once the envy of the world \u2013 is in a downward spiral,\u201d said Michael Healey, UK managing director at IG.<\/p>\n The demands to increase capital flows include scrapping the stamp duty on shares<\/a>, which IG labeled a \u201cself-inflicted wound\u201d that \u201cunfairly penalises UK investors\u201d.<\/p>\n The 0.5 per tax levy slapped on UK share purchases has consistently been named as one of the City\u2019s biggest gripes. But new figures revealed government tax receipts from the shares levy grew 27 per cent year-on-year to \u00a34.4bn<\/a> leading to elevated concerns investors would continue to be viewed as a chunky source of revenue.<\/p>\n The fresh calls to scrap the tax follow Steven Fine, chief executive of Peel Hunt, telling City AM<\/strong> the move would help \u201cshift this doomloop of negativity that seems to pervade the country.\u201d<\/p>\n Fine said: \u201cThere are a lot of levers at our disposal that we could pull that either wouldn\u2019t cost the exchequer a bean or could significantly move the dial on the mindset of people you want to commit to growth in the UK.\u201d<\/p>\n Susannah Streeter, head of money and markets at Hargreaves Lansdown, told City AM<\/strong> <\/strong>ditching stamp duty would bring the UK \u201cinto line with other jurisdictions and potentially persuade more companies to stay listed in London\u201d<\/a>.<\/p>\n Boosting retail investment<\/a> has also been named as a target by IG, as the firm called for 20 per cent income tax relief on ISA shares for at least three years in a bid to increase market activity. The campaign also calls on regulators to clarify the difference between advice and guidance \u201cso that financial services providers can promote long-term investing benefits without regulatory uncertainty.\u201d<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tIG Group stock dips after UBS downgrade<\/a><\/p>\n \tFirms ditch UK for deeper capital<\/p>\n The London Stock Exchange has endured a bruising few years with 88 firms delisting or transferring their primary listing in 2024. This marked the biggest exodus since the financial crisis and included the likes of Paddy Power owner Flutter and tech darling Darktrace.<\/p>\n The lack of liquidity<\/a> has been cited by firms exiting the UK, including fintech darling Wise <\/a>which transferred its primary listing to the US this month as it sought a deeper pool of capital.<\/p>\n More recently, foreign takeovers have swept the market<\/a> as overseas giants preyed on British bargains. This included a trio of tech takeovers, all within the span of 24 hours, earlier this month, that will represent a combined \u00a36.3bn in M&A transactions.<\/p>\n