Chancellor Rachel Reeves is reportedly planning to announce a three-year stamp duty holiday on new UK stock market listings in Wednesday’s Budget as the Government looks to boost the flagging London market.

It is thought the plans will see investors exempted from paying the tax – currently at a rate of 0.5% – on shares in companies that are newly-listed in the UK for the first three years following its initial public offering (IPO).

The Government is said to be looking to help buoy the London market’s competitiveness amid fears it is losing out to overseas rivals, with a raft of firms having defected abroad in recent years.

Gambling firm and Paddy Power owner Flutter is among firms that have switched their main listing to New York , while a number have also been bought out by

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