Rachel Reeves was yesterday urged to take bold steps to revive the UK stock market after a spate of new listings offered hope that London was ‘not yet doomed to irrelevance’. The Chancellor is considering introducing a stamp duty break for newly floated firms – but some in the City say she must go further and remove the tax on share trading altogether. However, the City was given a boost yesterday as US data centre group Fermi made its debut on the London Stock Exchange as part of a dual listing with New York’s Nasdaq. Stamp duty on UK share purchases, charged at 0.5 per cent, has long been blamed in the City for holding back the stock market. He said that after a relaxation of stock market listing rules last year, it would be a ‘natural next step’.