The post Cavendish Bank Chair Calls for Taxes on Cryptocurrencies appeared first on Coinpedia Fintech News Lisa Gordon, Chair of Cavendish Investment Bank, has raised alarms about the UK’s growing interest in cryptocurrencies. She pointed out that more than half of people under 45 now own digital currencies but have no investments in stocks, a trend she believes could harm both individual wealth and the economy in the long run. The Importance of Stock Market Growth She said that stocks are crucial for company growth. Unlike cryptocurrencies, stocks provide funding for businesses, creating jobs, driving innovation, and contributing to the economy through taxes. “Cryptocurrencies are non-productive assets and don’t help the real economy,” she said. Gordon argues that while crypto may offer speculative gains, it lacks the tangible economic benefits that stocks provide. To address this, Gordon suggests reducing the 0.5% stamp duty on London-listed stocks and applying a similar tax to cryptocurrency transactions. She believes this could encourage more investment in traditional assets that support economic growth. Urging Action for the UK’s Financial Future As a member of the Capital Markets Industry Taskforce, Gordon also called for better public understanding of capital markets to boost economic growth. While acknowledging the current challenges in the market, Gordon remains positive about the UK’s role as a financial hub. She urges the government to take action to attract more investments back into UK markets, which she believes is essential for maintaining London’s competitiveness in the global financial sector. The Cooling UK Stock Market Investment interest in stocks has been declining, with many investors turning to cryptocurrencies. According to a report from EY, only 18 companies were listed on the London Stock Exchange last year, while 88 companies either delisted or moved elsewhere. This trend raises concerns about the future of the London Stock Exchange and its ability to attract new listings.
