Britain cannot grow without ‘fighting fit' finance sector, Rachel Reeves says
Ms Reeves, delivering her annual Mansion House speech to the financial services sector, said changes were needed for the UK to stay competitive in a more uncertain global economy.
'Today, I have placed financial services at the heart of the Government's growth mission, recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving,' she told the attendees.
She said the Government was delivering on its pledge, made at last year's Mansion House speech, to 'regulate for growth and not just for risk'.
The Treasury announced a package of reforms on Tuesday aimed at attracting more investment to the UK, and among individual consumers, to help grow the economy.
Ms Reeves said this involves 'rolling back regulation that has gone too far in seeking to eliminate risk', with plans to cut red tape in the City and reform banking rules including the ring-fencing regime.
The UK is currently an outlier in forcing banks to separate their retail and investment banking activities, so reforms are hoped to make Britain more competitive globally.
Ms Reeves also highlighted efforts to boost retail investment which she said is currently presented 'in a negative light, quick to warn people of the risks without giving proper weight to the benefits'.
Plans include potentially changing the language of risk warnings on investment products to encourage more people, particularly women, to take the leap.
Furthermore, the Chancellor said new powers to mandate pension funds to invest in UK assets were 'sending a clear signal' that the Government and industry want to deliver higher returns for savers and more investment for the economy.
'But I am confident that I will not need to use that power because firms see the urgency and importance of this as clearly as I do,' she said.
The 'Leeds reforms', unveiled in the West Yorkshire city, are set to be the biggest set of reforms to financial services for more than a decade, according to the Government.
But the Chancellor concluded her speech by saying: 'As I look ahead, it is clear that we must do more.
'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth.
'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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