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		Letter to the Editor East Midlands local newspapers - Thursday, 19th October 2006 Dear Sir, After all the discussion about the Conservative Party's position on taxes, I am delighted by reports that Shadow Chancellor George Osborne will be backing the abolition of Stamp Duty on share transactions. No doubt our political opponents will attack the move as a bonus to fat cats and city financiers, so let's get a few facts straight. The City of London currently contributes a whacking 2 1/2% (two and a half percent) to the gross domestic product of the UK, so it matters to all of us. At the moment, stamp duty makes the City less competitive than foreign exchanges and risks driving this vital business off-shore. The removal of stamp duty will be a tonic for the stock market, and so will go some way to solving the pension under-funding which is such a concern to pensioners and employers. The change will provide a stimulus for the economy which will drive growth and prosperity and thus recoup the short-term loss of stamp duty revenue. This is a sensible, practical Conservative approach which benefits everyone who has a job, or savings, or a pension plan. Roger Helmer Conservative MEP for the East Midlands