UK Billionaire Spencer Warns of ‘Slow Corrosion’ in London IPOs

One of Britain’s richest finance billionaires has called for the UK government to scrap its tax on share trading as a way to boost the country’s stock market after years of stagnating growth.

“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.”