Innovate Finance, representing the UK’s fintech sector, has urged the Government to eliminate stamp duty on shares to rejuvenate the struggling initial public offering (IPO) market. The group argues that the current 0.5% levy hampers domestic investment and makes capital raising more expensive. Despite a temporary stamp duty holiday introduced by former Chancellor Rachel Reeves, new listings have not surged. Innovate Finance said the tax “exposes UK listed firms to a reliance on overseas capital, takeovers and relocation.”

JP Morgan CEO Jamie Dimon met the Prime Minister and the Chancellor in London on Wednesday as the Wall Street chief sought to persuade the Labour Government not to increase taxes on banks. Andy Burnham is under pressure from the Greens and unions to hike taxes on banks, but Dimon and other bankers, such as Citi boss Jane Fraser, have warned against sector-specific taxes, arguing that they could have “adverse consequences.” UK Finance chief David Postings has also written to John Healey warning about the consequences of targeting the industry.

Revolut aims to poach FTSE 250 businesses from rivals such as Barclays and HSBC, the FT reports, targeting 1m business clients by 2027. The move aims to leverage its new UK banking license to expand corporate banking services. This comes after the fintech received conditional approval for a US banking licence from the Office of the Comptroller of the Currency (OCC), marking a significant milestone in its expansion plans.

The FTSE All-Share’s unexpected rise of 8.3% this year is set to provide Chancellor John Healey with an additional £5.6bn in tax revenues from stamp duty and capital gains tax. Granville Park Partners noted that the index’s performance will help mitigate Healey’s reduced fiscal headroom, currently estimated at £5bn due to rising borrowing costs and inflation. Granville Park’s managing partner said: “The FTSE is currently about 5% higher than the OBR thought it would be.”

The hospitality sector could gain £2.3bn by employing young people seeking work, according to a report by Hilton and WPI Economics. The analysis reveals that hiring a young person not in education, employment, or training (Neet) could generate over £152,000 in economic value annually. However, 85% of hospitality leaders cite high taxes as a barrier to offering entry-level roles.

Callum Anderson, Labour MP for Buckingham and Bletchley, writes in City AM on the importance of financial services in driving UK growth. He says the Government’s policies aim to drive innovation whilst keeping a watchful eye on risks.

Duncan Trevithick, a marketing professional, questions the fairness of AI-based performance assessments at his company. He argues that while AI can increase productivity, it may also lead to job redundancy. Trevithick says: “The uncomfortable interpretation is that employees are being assessed on how effectively they can participate in their own redundancy.” Companies like Accenture and Coinbase are increasingly using AI proficiency as a measure for promotions and bonuses. However, experts warn that this trend could create a two-tier workforce and raise concerns about fairness and job security.

Harworth, a leading property developer, is exiting the residential market to focus on more profitable data centre projects. The FTSE 250 company plans to reallocate capital towards higher-returning opportunities, including logistics and industrial developments. Harworth noted that rising construction costs and policy changes have made housing less viable. In contrast, its industrial portfolio has yielded an average annual return of 24.5% over the past five years. The company is also in advanced talks to sell land for data centres, including a site in Leeds to Microsoft, which could generate £293m in profit.