Ian Corfield, the boss of London-listed Secure Trust Bank, has called for stamp duty on shares to be removed in the Autumn Budget. He stated that the 0.5 per cent levy on stock trading is the "biggest handbrake" on business and a "blocker for retail investors," hindering liquidity in the stock market.
Mr Corfield, a former Labour party donor, previously served as the Treasury’s director of investment for five months in 2024. He believes boosting retail investment is "key" for UK wealth generation.
Former Chancellor Rachel Reeves introduced a three-year stamp duty holiday for new listings in her 2025 Budget, but this measure has reportedly not significantly impacted listing prospects. New Chancellor John Healey is now facing renewed pressure to address liquidity issues in the London market.
Secure Trust Bank posted a £31.3m profit for the first half of the year, an increase of 9.4 per cent. The bank's loan book expanded by 4.9 per cent to £3.5bn during the same period.