Rachel Reeves: Stop being negative about savers buying shares
At the annual Mansion House dinner in the City of London, Reeves told business leaders: "Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves."She said the government is consulting with the Financial Conduct Authority "to introduce a brand-new type of targeted support for consumers ahead of the new financial year".The government is under pressure to ignite growth after figures revealed the UK economy shrank in May following a contraction in April.Meanwhile, U-turns on welfare benefits and the winter fuel allowance have stoked speculation there could be tax rises in the Budget later this year.Reeves said the new measures would help "boost retail investment so that more savers can reap the benefits of UK economic success".But the value of investments in assets such as shares can go down as well as up, and savers have tended to be cautious over the risks involved, although the spending power of savings can be eroded by rising prices.The government has in the past encouraged the public to buy shares in UK companies, including in 2013 when Royal Mail was floated on the London Stock Exchange.But perhaps the most famous example was in 1986, when the state-owned British Gas was privatised and Margaret Thatcher's government launched the "tell Sid" campaign. TV adverts featured characters urged each other to "tell Sid" about the chance to buy shares in British Gas.
In reference to her recent travails - including a tearful appearance in the House of Commons - Reeves said that during a visit to a school, a girl had asked her what job she would do if she could have any job in the world. "Given the events of the last few weeks, I suspect many of you would sympathise if I had said "anything but chancellor"," she joked with the audience. "But I didn't." In her speech, Reeves said she would "continue to consider further changes to ISAs, engaging widely over the coming months".She also provided more details about changes to the UK's financial services sector including reforming regulation."In too many areas, regulation still acts as a boot on the neck of businesses," she said. "Choking off the enterprise and innovation that is the lifeblood of growth."She said regulators in other sectors "must take up the call I make this evening not to bend to the temptation of excessive caution but to boldly regulate for growth in the service of prosperity across our country".
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