Chancellor Calls for Financial Regulation Reform

Chancellor Rachel Reeves, in her inaugural Mansion House speech, criticized post-global financial crisis regulations as having 'gone too far', claiming they hinder growth by eliminating risk-taking. She emphasized the need to maintain the UK's status as a global financial center and announced plans for a Financial Services Growth and Competitiveness Strategy, which will prioritize economic growth alongside regulatory stability. Reeves proposed reforms including a shift in focus for financial regulators towards growth and competitiveness, and a review of the current certification regime for investment professionals. The Chancellor also highlighted an initiative to unlock up to £80 billion from pension funds for infrastructure investments. While she acknowledges the necessity of high regulatory standards, Reeves insists that regulations must be rebalanced to foster a competitive financial environment. The speech reflects a broader ambition to stimulate the economy and improve living standards amid growing criticism of previous regulatory measures.