{
  "id": 13634965,
  "title": "City minister insists capital markets reform ‘not a job done’",
  "url": "https://urgent.news/2026/10/11/city-minister-insists-capital-markets-reform-not-a-job-done",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-11T04:00:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/capital-markets-reform-not-a-job-done-says-treasury-minister/"
  },
  "original_language": "en",
  "account": "The City minister, Lucy Rigby, has indicated that the government's work on capital markets reforms is far from complete. Speaking to City AM, Rigby emphasized that her department is \"continually looking for ways that we can ensure we’re being as competitive as possible\" and stressed the need to be \"cognisant of global competition and vigilant.\" The stamp duty holiday introduced in the 2025 Budget, which removed the 0.5 per cent levy on UK stocks for newly-listed companies in their first three years, is seen as a step in the right direction. Rigby acknowledged that the reforms have yielded some results but stressed that there is still much to be done. The £5.3bn IPO of Airtel Money was cited as evidence of a \"renewed momentum\" in the capital markets. However, the year has seen a lack of major IPOs, with large companies reportedly delaying or scrapping their plans. Industry leaders have been urging the government to take more decisive actions to boost capital market competitiveness. Fintech sector body Innovate Finance, representing firms like Revolut, Monzo, and Zilch, has called for the abolition of stamp duty entirely to \"help reverse the decline in British ownership of UK companies.\" Rigby admitted to receiving numerous calls for action on stamp duty, but she emphasized that her role involves listening to these demands. The UK fintech investment in the first half of the year reached a decade low of £1.8bn, a significant drop from £5bn the previous year. Despite this, Rigby maintained that the Treasury is making substantial efforts to improve access to capital. She met with top fintech executives from companies such as iwoca, Clearbank, and Modulur, highlighting the importance of the sector in driving national growth. Some industry players have been lobbying the government, requesting an increase in the threshold for a sector-specific tax from £100m to £500m. Rigby stated that such decisions lie with the Chancellor and will be made within the context of the upcoming Budget.",
  "summary": "A top Treasury minister has opened the door to further capital markets reforms after saying the government’s job was not done in improving listing incentives. Lucy Rigby, who serves as the economic secretary to the Treasury, otherwise known as City minister, told City AM the government was “continually looking for ways that we can ensure [...]",
  "key_points": [
    "City minister Lucy Rigby says capital markets reform is not complete.",
    "Stamp duty holiday in 2025 Budget praised as step forward.",
    "Fintech sector urges abolition of stamp duty entirely."
  ],
  "editors_take": "The City minister's assertion that capital markets reform is ongoing signals that the government is set to maintain its engagement with industry leaders to boost competitiveness and address calls for further action.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}