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Stock impact report

UK Billionaire Spencer Warns of ‘Slow Corrosion' in London IPOs [Yahoo! Finance Canada]

Barclays PLC (BCS) 
Most Read from Bloomberg “I've always found it laughable that we are the only major stock market that still has stamp duty,” ICAP founder Michael Spencer said Friday on the Merryn Talks Money podcast. “If you are not prepared to abolish that duty, then stop pretending that you're in favor of the London market.” Spencer, 69, joins UK banking giant Barclays Plc and brokerage firm Peel Hunt in calling for the UK to do away with its stamp duty reserve tax, a 0.5% levy for share purchases on the main London Stock Exchange that was abolished for the junior Alternative Investment Market in 2014. Once Europe's top venue by volume, the UK saw the amount of capital raised through initial public offerings last year decline about 9% to $1 billion, falling behind emerging markets like Malaysia and Oman. The drop was partly due to increasing competition from other global financial centers such as Amsterdam. “Lots of companies are now moving their listing from the UK to elsewhere,” Spencer Show less Read more
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