Rachel Reeves 'set to ape Thatcher with bank regulation bonfire'
She will urge bank bosses to keep staff in the UK rather than moving to New York or Paris.
Post-Brexit London has seen an exodus of financial services workers, with consultancy firm EY finding that more than 7000 jobs had moved from the UK to the EU in 2022.
A Treasury source told The Sun on Sunday: 'Millions of Brits work in financial services, but for too long red tape and excessive regulation has choked off innovation and growth in the economy.
'Well, no more. Britain is entering a new era. We will slash regulation and make the UK the best place in the world to do business.
'Forget Paris, New York and Frankfurt – come to London, Leeds and Edinburgh.
'Rachel is determined to create a new Big Bang which will turbocharge growth in the economy for a new generation to put more pounds in people's pockets.'
READ MORE: No need to wait for UK. Scotland can launch its own form of wealth tax
The Chancellor is under immense pressure after her failure to turn around the flagging UK economy.
Growth fell in May for the second month running and the Office for Budget Responsibility last week set out a bleak picture of the public finances.
She will tell City grandees on Tuesday that bankers can be assured of 'higher wages and higher living standards', The Guardian reports.
Elsewhere, the Bank of England is likely to cut interest rates, in news that will be welcome for people with mortgages, but only if there the Government's National Insurance hike continues to prevent firms from hiring new workers and making redundancies.
Governor Andrew Bailey told The Times there was 'consistent' evidence of businesses 'adjusting employment' because of Labour's jobs tax, adding that he believed 'path is downward' for interest rates, which currently stand at 4.25%.
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