Treasury city minister says UK capital markets reforms remain unfinished

Lucy Rigby, economic secretary to the Treasury, said the government’s capital-markets agenda is far from complete, stressing the need to stay competitive on a global scale. She cited the 2025 Budget’s stamp-duty holiday, which scrapped the 0.5% levy on newly listed UK stocks for three years, and highlighted the £5.3 billion Airtel Money IPO as evidence of renewed momentum. Nonetheless, overall IPO activity remains subdued, and fintech firms are pressing for a full abolition of stamp duty and a higher surcharge threshold for banks, currently set at £100 million.

Innovate Finance, representing firms such as Revolut, Monzo and Zilch, has joined the call. Rigby recently met with CEOs of iwoca, Clearbank and Modulur, noting that any tax decisions will be made by Chancellor Rachel Reeves in the upcoming Budget. She reiterated that a thriving financial-services sector is crucial for growth across the country.