The exodus of firms from the London Stock Exchange has reached a critical juncture, with 213 companies leaving since 2016. The Confederation of British Industry advocates for urgent reforms including lighter regulation, better marketing, and investor incentives. Chair Rupert Soames proposes altering tax laws to stimulate investment, criticizing cash ISAs as ineffective for economic growth. Rachel Reeves plans to address tax breaks for cash ISAs to promote stock and share investments while providing the necessary information and support for public participation in economic efforts.
Chair Rupert Soames stated, "Of all the investments that God ever invented, cash [ISA] is the worst possible one,” indicating the limitations of cash ISAs in fostering growth.
Soames highlighted that lighter regulation, better marketing, and incentives for investing in British firms are crucial to stem the outflow from the London Stock Exchange.
Mr. Soames characterized the outflow of companies from UK markets as a significant issue, stating, "Houston we have a problem".
Reeves is expected to propose cutting tax breaks for cash ISAs to motivate investment in stocks and shares, aiming to act in support of economic growth.
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