Source: Cointelegraph Original: "{title}"

The chairman of the UK investment bank Cavendish, Lisa Gordon, stated that the UK should start taxing cryptocurrency purchases to encourage Britons to invest in local stocks, thereby promoting the country's economic development.

Gordon mentioned in a March 23 report by The Times: "More than half of the under-45 population owns cryptocurrency but does not own stocks, which should concern us all." She added, "I would like to see a reduction in the stamp duty on stock trading, and instead apply it to cryptocurrencies."

Currently, the UK imposes a 0.5% tax on stocks listed on the London Stock Exchange, generating approximately £3 billion ($3.9 billion) in tax revenue for the country each year.

Gordon stated that lowering the tax rate could encourage people to invest their savings in local company stocks, which would not only help stimulate more companies to list in the UK but also promote economic growth.

In contrast, she referred to cryptocurrencies as "non-productive assets," stating that they "do not provide a return to the economy."

"Stocks provide growth capital for companies, which hire employees, innovate, and pay corporate taxes. This is a social contract. We should not be afraid to advocate for this."

The UK's Financial Conduct Authority (FCA) reported last November that the cryptocurrency ownership rate had reached 12% among adults, approximately 7 million people. Among cryptocurrency holders, 36% are under the age of 55.

Gordon pointed out that many people have already "turned to saving rather than investing," and she believes "this cannot support a viable retirement."

A 2022 FCA survey showed that 70% of adults have savings accounts, while 38% either directly hold stocks or hold stocks through accounts that allow nearly £20,000 ($26,000) in tax-free savings each year—about three-quarters of young people aged 18 to 24 have no investments.

Data from 2022 indicated that approximately 25% of the 18 to 25 age group hold investment products; this figure rises to 33% in the 25 to 44 age group. Source: FCA

However, in a subsequent survey, the regulator reported that, in the 12 months ending January 2024, the cost of living crisis led 44% of adults to stop or reduce their savings or investments, while nearly a quarter tapped into savings or sold investments to cover daily expenses.

Gordon is a member of the Capital Markets Industry Working Group, which consists of a group of industry executives aimed at revitalizing the local market. As a company that provides consulting services for businesses in public offerings, Cavendish stands to benefit from this.

Consulting giant EY reported in January that the London stock market experienced "one of the quietest years on record," with only 18 companies going public last year, down from 23 in 2023. Meanwhile, EY stated that 88 companies delisted or transferred from the exchange, many citing "decreased liquidity and lower valuations" compared to other markets like the US.

However, Gordon claimed that the UK is a "safe haven" compared to markets like the US. The US stock market has lost trillions of dollars due to President Trump's tariff threats and concerns about an economic recession.

The cryptocurrency market has also declined alongside the US stock market, with Bitcoin (BTC) dropping 11% in the past 30 days and struggling to maintain support above $85,000 since early March. At least in the past 24 hours, Bitcoin has risen by 2%, trading at approximately $85,640.

Related: Venture capital firms invest $400 million in the TON blockchain.

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