The chief executive of the Wealth Management Association – formerly the Association of Private Client Managers and Stockbrokers – said if the government were truly committed to helping the economy grow, it needed to allow private investors to be part of that recovery.
According to figures from the WMA, there are 4m individual investors in the UK who have put money through Isas and directly into the UK economy.
In the trade body’s annual pre-Budget submission, Mr May made several submissions, including pushing for a review of the process of bringing companies to market.
He also called for an exemption from the 0.5 per cent stamp duties on share purchases for Isas and Sipps, and greater flexibility in Isa allowances so that beneficiaries of windfalls can make occasional lump sum investments.
Mr May said: “The government has clearly been working to make it easier for investors to help companies grow, particularly the smaller but growing companies on junior stock markets such as AIM. Now is the time to look at how we can encourage growth companies on to these markets to finance their futures.”
Trystan Lewis, chartered financial planner at Chester-based Griffin Wealth Management, said: “Any encouragement to reduce costs to make investments is good news, in terms of the trade body looking to encourage costs to be reduced and encouraging investments into growing UK companies which need funds.”