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- Lisa Gordon urges the UK government to tax crypto purchases and incentivize domestic equities.
- Gordon calls crypto a “non-productive asset” that doesn’t contribute to economic growth.
- FCA data shows rising crypto ownership and a decline in stock investments among young Brits.
An investment executive has called on the UK government to impose a tax on cryptocurrency purchases. Lisa Gordon, chair of investment bank Cavendish, believes this move could encourage more Britons to put money into domestic equities instead. She shared her views in an interview with The Times on March 23.
Gordon warned that the country should be concerned about the growing number of young adults holding crypto assets while avoiding the stock market.
“It should terrify all of us that over half of under-45s own crypto and no equities,” she said. To address the trend, Gordon suggested applying stamp duty to crypto and cutting it for equities.
Crypto as Non-Productive Asset, Tax Shift Could Boost Equities
Gordon described crypto as a “non-productive asset” that does not benefit the wider economy. According to her perspective equity investment enables actual business operations which fuel innovation and employment creation and revenue generation. Shares enable companies to obtain capital for development and serve as part of the economic relationship between organizations and society.
Currently, the UK imposes a 0.5% stamp duty on shares traded on the London Stock Exchange. This tax generates around £3 billion ($3.9 billion) annually. Gordon believes removing this tax for equities while introducing a similar charge on crypto could shift savings behavior toward productive investments.
FCA Reports Rising Crypto Ownership, Declining Investment in Shares
Data from the Financial Conduct Authority (FCA) shows that crypto ownership is on the rise. As of November, around 12% of UK adults about 7 million people own crypto. Among them, 36% are under 55 years old. Gordon noted that many younger people have moved toward saving instead of investing, which she argued is unlikely to secure a sustainable retirement.
The savings account ownership rate reached 70%, yet stock ownership numbered 38% among adults, according to the FCA data in 2022. Only 25 percent of those between 18 and 24 possessed any kind of investment asset. The United Kingdom grants individuals a yearly tax-exempt saving or investment ability of £20,000 ($26,000).
The FCA reported in a subsequent analysis that a total of 44% of grown-ups made the decision to discontinue or diminish their investment activities throughout the time period of January 2023 to January 2024. A quarter of the population utilized their savings together with investment product sales to pay for daily needs.
Gordon is part of the Capital Markets Industry Taskforce, a group focused on revitalizing the UK’s investment landscape. Cavendish, which helps firms prepare for stock listings, would likely benefit from renewed market activity.
She also said the UK remains more stable than the US market, which has lost trillions due to economic concerns and trade policy fears. Crypto markets have mirrored the US downturn, with Bitcoin also falling sharply.
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