Lisa Gordon, chair of investment bank Cavendish, suggested that the UK should tax crypto purchases to encourage investment in local stocks, potentially boosting the country's economy.
Lisa Gordon's Position
Lisa Gordon is concerned that over half of Britons under 45 years old own crypto but not equities. She proposed cutting the stamp duty on equities and applying it to cryptocurrencies to encourage people to invest in shares of local companies, which could prompt other firms to go public and strengthen the economy.
Crypto Ownership and Investment Statistics
The UK's Financial Conduct Authority noted that crypto ownership among adults rose to 12%, equating to about 7 million people. A survey found that many had shifted towards savings over investments, which Gordon claimed does not support sustainable retirement. A 2022 analysis revealed that while 70% of adults had savings accounts, only 38% held shares directly or through tax-beneficial accounts.
Economic Implications and Comparative Analysis
Further research showed that economic difficulties led 44% of adults to cease or reduce savings and investments, using their funds to meet daily expenses. EY reported that the London stock market is experiencing one of its quietest years, though the UK is still seen as a safer haven for investors compared to the US.
Lisa Gordon's proposal to tax crypto purchases could significantly impact the UK economy by supporting local companies and promoting stock market growth. However, the success of this proposal depends on further economic studies and governmental decisions.
