British savings should build Britain. Banks are freed to lend to business by abolishing ring-fencing, reforming the leverage ratio, abolishing the bank levy and the bank surcharge and implementing international capital standards no further and no faster than the United States. A dormant brake, held in reserve, can stop the new lending flowing back into mortgages on existing homes.
Tax relief on savings is reserved for investment in Britain. Pension tax relief becomes conditional on an allocation to UK growth assets, with legal protection for trustees and providers who invest in Britain, and ISA relief is confined to UK assets. A dividend tax credit is restored for pension funds, capital gains tax is removed from long-term holdings of London-listed shares and from sales of private companies to British owners and the venture capital reliefs are made permanent.
Listing and owning British companies is made easier. Stamp duty on shares is abolished, the sunset on dual class shares is removed, long-term shareholders may be given loyalty votes and company reporting is confined to what investors need. Ordinary investors are allowed to trade on private share markets. The consolidation of pension funds is accelerated so that they are large enough to invest directly, a public consolidator takes on closed final salary schemes and the matching adjustment is widened to long-term infrastructure. A time-limited programme, capped at £5 billion, matches private investment in British growth funds.