Watch as Rachel Reeves pledges to rip up financial red tape in a major speech, arguing that regulatory changes following the 2008 economic crash have “gone too far”.
The Chancellor will use her first Mansion House address on Thursday (14 November) to say that measures brought in since the crisis to “eliminate risk” have had “unintended consequences” in holding back growth.
Speaking in the City of London, Ms Reeves is expected to announce a package of reforms aimed at driving competition across financial services.
This will include sending “growth-focused remit letters” to regulators and overhauling the system for consumer redress aimed at giving customers and businesses “clearer expectations” about the compensation landscape in future, the Treasury said.
She is expected to announce plans for pension “megafunds” which could result in around £80 billion to invest in businesses and infrastructure.
It is believed she will also say the financial services sector is “the crown jewel in our economy” and “a global success story: we are the second exporter of financial services in the G7”.