British bank governor has called for a tax on cryptocurrency purchases

According to the chair of Cavendish, this stimulates growth in the domestic economy

24.03.2025 - 14:50

2 min

What’s new? The chairman of the British investment bank Cavendish Lisa Gordon has said that it is necessary to introduce taxes on purchases of cryptocurrency to incline citizens to invest in local stocks and stimulate the country’s economy.

Material by The Cointelegraph

What else is known?

“It should terrify all of us that over half of under-45s own crypto and no equities. I would love to see stamp duty cut on equities and applied to crypto,” Gordon told The Times in a March 23 report.

The UK currently levies a 0,5% tax on shares listed on the London Stock Exchange, which generates around 3 billion British pounds of tax revenue a year.

Gordon added that reducing the levy could encourage people to invest their savings in local shares. In comparison, she called cryptocurrency “a non-productive asset” that “doesn’t feed back into the economy.”

“Equities provide growth capital to companies that employ people, innovate and pay corporation tax. That is a social contract. We shouldn’t be afraid of advocating for that.”

Last November, the local financial regulator said that cryptocurrency ownership had risen to 12% among adults, equivalent to about 7 million people. The majority of cryptocurrency owners (36%) were under the age of 55.

The FCA’s 2022 survey showed that 70% of adults had a savings account, while 38% owned shares directly or indirectly.

However, in a follow-up survey, the regulator said that in the 12 months to January 2024, the cost of living crisis led 44% of those surveyed to either stop or reduce savings or investments, while almost a quarter used savings or sold their investments to cover day-to-day expenses.

Author: