Chancellor Calls for Regulatory Reforms to Boost Growth

Chancellor Rachel Reeves has called on Britain's regulators to eliminate barriers that hinder economic growth, emphasizing that such reforms are critical for boosting investment and innovation. During a recent meeting with leaders of various regulatory bodies, she stressed that economic growth is the government's top priority, especially in light of disappointing growth figures showing only 0.1% increase in November. The government has requested that 17 regulators propose five reforms each to aid growth, with proposals set to be scrutinized in the coming weeks. While regulators acknowledged their role in driving growth, they also pointed out challenges, particularly the need to balance growth initiatives with existing legal responsibilities. Reeves urged a cultural shift within regulatory bodies, advocating for a focus on facilitating growth rather than an excessive emphasis on risk management. The Chancellor expressed a desire for more ambitious and urgent proposals from regulators to foster a supportive environment for businesses.