TaxAdministrationBrown under fire over stamp duty

Brown under fire over stamp duty

The chief executive of the London Stock Exchange has attacked chancellor Gordon Brown for his failure to abolish stamp duty in last week's Budget

Speaking at the Institute of Directors annual convention in London, Clara Furse said she was ‘disappointed’ that no mention of stamp duty was made in the Budget speech.

She added the duty, which does not exist in many other European countries and is 150 times higher than that of the US, could kill the UK’s competitive in global equity markets.

She said stamp duty, along with European Monetary Union, could be lethal to UK plc and would ‘irreversibly damage’ the country’s financial services.

According to Furse, stamp duty combined with EMU would damage the UK’s pre-eminence in the world’s equity markets, which would in turn have a knock-on effect on the City and business.

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