Rachel Reeves Calls for Financial Red Tape to be Cut in Push for Economic Growth

Ripping Up Red Tape

Rachel Reeves is set to shake up the financial sector by pledging to cut through red tape that she believes is hindering economic growth. The Chancellor argues that regulations put in place after the 2008 economic crisis have stifled progress and it's time for a change.

Competition Drive

In her first Mansion House speech, Reeves will outline a series of measures aimed at boosting competition within the financial services industry. She will urge regulators to shift their focus towards supporting economic growth and encourage big business leaders to embrace risk-taking.

Global Financial Centre

Reeves will emphasize the importance of maintaining the UK's position as a global financial hub amidst growing competition from other financial capitals like Frankfurt and New York. She will stress the pivotal role of the City in driving the UK economy and creating jobs.

Push for Investment

The Chancellor will also unveil plans for "megafunds" to inject £80 billion into businesses and infrastructure projects. Additionally, tech and telecom companies will be urged to step up efforts in combating fraud on their platforms, with a deadline set for a progress update by March 2025.