§ 6. Mr. Gerald Howarth
To ask the Chancellor of the Exchequer what representations he has received on his proposal to abolish all stamp duties on share transactions.
§ Mr. Howarth
Does my hon. Friend agree that the abolition of stamp duty will be most advantageous to the 11 million shareholders in this country because it will reduce dealing costs to them, it is likely to extend wider share ownership in a way that Opposition Members fail to understand, and it will further enhance the City's leading role as the financial centre of Europe?
§ Mr. Lilley
My hon. Friend is right. It will benefit the 11 million direct shareholders—to the obvious disappointment of the Opposition—and all those people who are members of pension funds and have personal pensions or life assurance policies. They will benefit greatly, as will people who work in that much-expanding industry.