BUSINESS LIVE: Bitcoin soars through $70,000; Elliott drops out of Currys takeover; Marston's chair joins British Land - WhatsNew2Day (2024)

Removing the “pernicious” tax on share purchases would help revive Britain’s faltering stock market, according to senior City figures.

Currently, investors pay stamp duty of 0.5 per cent on the price of the London-listed shares they buy, or £5 for every £1,000 invested in a UK company.

The tax is expected to raise £3.2bn this year and £23.7bn between now and 2028-29, analysis of budget documents shows.

The chairman of Marston’s is leaving the brewery’s board to take the top spot on the board of commercial property company British Land.

Banking veteran William Rucker has been appointed chairman-designate of British Land, replacing Tim Score, who is stepping down after five years in the role.

Rucker, 60, currently president of asset manager Intermediate Capital Group, also held the role at homebuilder Crest Nicholson for more than seven years, until 2018.

Separately, pub group Marston’s said Rucker would step down as group chairman after more than five years in the role.

Rucker, who was also chief executive and chairman of investment bank Lazard, will join British Land’s board as a non-executive director and will take up the role following the property company’s annual general meeting on 9 July.

US hedge fund giant Elliott Advisors has announced it has no intention of making a bid for Currys.

The electrical goods retailer had rejected a second indicative offer from Elliott last month, while China-based online giant JD.com also said it is considering an offer.

Marks & Spencer chairman Archie Norman has dismissed the Bank of England’s aggressive interest rate rises as “totally ineffective”.

The most intense cycle of rate increases since the late 1980s did “not much” to cool price increases, he argued.

Bitcoin has hit a new record above $70,400, as momentum for the world’s largest cryptocurrency continues driven by flows into US spot ETFs and hopes of an interest rate cut. the Federal Reserve.

It is currently trading at $71,153.50, up 3.5 percent on the day and more than 61 percent since the beginning of the year.

Marks & Spencer chairman Archie Norman has dismissed the Bank of England’s aggressive interest rate rises as “totally ineffective”.

The most intense cycle of rate increases since the late 1980s did “not much” to cool price increases, he argued.