Chancellor Rachel Reeves has declared a new push for economic growth. She plans to slash more regulators across the United Kingdom. Reeves made this announcement to private equity leaders in London. She spoke at a summit for the British Private Equity & Venture Capital Association. Her goal is to remove barriers for businesses. She previously called regulators a “boot on the neck” of enterprise. Therefore, she is continuing her campaign to slash more regulators.
Furthermore, Reeves highlighted her recent actions. She fired the chair of the Competition and Markets Authority. She also shut down the payments regulator. Additionally, she is constraining the Financial Ombudsman Service. Banks have long lobbied against this service. Reeves stated clearly there is “still more to do”. She told the audience she wants to slash more regulators. She believes there are still too many overseeing business.
However, the chancellor did not name specific targets. She emphasized changes to environmental regulations. These rules were once seen as a “blocker of growth”. She mentioned agencies like Natural England and the Environment Agency. The Department for Environment, Food and Rural Affairs now focuses on facilitating growth. Reeves believes the department is moving in the right direction.
Moreover, this speech is part of a government charm offensive. An challenging autumn budget is coming soon. Rumors swirl about potential tax increases. These could target banks, property, and rental income. The government faces a public finance shortfall of up to £40 billion. Reeves promised to make Britain easier for business. She vowed to rip out growth blockages and back the builders.
Reeves also commented on leadership changes. She received positive feedback after replacing the CMA chair. Former Amazon UK boss Doug Gurr now holds the role interim. This shake-up led to a “massive step-change”. Tech firms had previously raised constant concerns about the CMA. Reeves acknowledged that situation has improved a lot.
Finally, she addressed the Financial Conduct Authority. She supports its chief executive, Nikhil Rathi. He was reappointed for a second term in April. Reeves said he responded positively to her growth drive query. She continues to aim to slash more regulators. She believes this strategy is key to unlocking Britain’s economic potential.
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