'Stop throwing shade' - the woman trying to stop firms leaving the UK
British people need more incentives to invest in big firms listed in the UK, Dame Julia Hoggett, boss of the London Stock Exchange, says.
By BBC News
Dame Julia Hoggett, chief executive of the London Stock Exchange, has called for stronger incentives to encourage British people to invest in companies listed in the UK.
In an interview with the BBC’s Big Boss podcast, she said negative perceptions of the UK market had contributed to companies choosing to list their shares elsewhere, including in the United States.
Ms Hoggett said the government needed to create a more attractive environment for investing in UK-listed businesses.
“If we want Britain to support Britain... then we need to ensure that we are establishing structural incentives to facilitate this,” she said.
She also criticised what she described as a tendency to “cast doubt on ourselves as a nation”, saying market sentiment had influenced decisions by companies considering where to list.
Among her proposals is the removal of the 0.5% stamp duty paid by overseas Britons when they buy UK shares. She noted that investors do not pay an equivalent tax when buying foreign stocks.
Ms Hoggett also backed bringing back tax credits for UK investors. The previous system ended in 2016.
She suggested that tax advantages linked to ISAs and pension funds could be directed towards investment in British companies. Other ideas included a 10% dividend tax credit and inheritance tax incentives connected to UK investments held in pensions.
The Confederation of British Industry has also called for action to prevent more companies from leaving the London Stock Exchange. Its proposals include lighter regulation, stronger promotion of the UK market and incentives for investors.
The government has not confirmed whether reforms to the stock market will be included in the next Budget.