Reeves to Cut Regulators and Boost Economic Growth

Chancellor Rachel Reeves plans to streamline UK regulations by axing a significant number of regulators to boost economic growth. In a meeting with eight regulators, including the Financial Conduct Authority and Environment Agency, Reeves will unveil a 'radical action plan' containing 60 measures to reduce bureaucratic costs and enhance business efficiency. The plan includes merging the Payment Systems Regulator with the FCA and folding the Regulator for Community Interest Companies into Companies House. Environmental regulations will be streamlined to facilitate infrastructure projects, such as the Heathrow expansion, and lift barriers like bat habitat protections. Reeves emphasizes that reducing red tape will lead to increased investment, job creation, and enhanced economic growth. This initiative aligns with Prime Minister Keir Starmer's pledge to reform the UK’s regulatory landscape to boost living standards after a period of economic stagnation.