Britain’s financial services industry has been in decline for more than a decade and the country’s chancellor, Rachel Reeves, has now decided who is to blame: the regulators.
Addressing City of London executives, investors and officials at the annual Mansion House dinner this week, Reeves bluntly declared regulation was “a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of economic growth”.
As the chancellor presented what she called “the most wide-ranging package of reforms to financial services regulation for more than a decade”, she stressed the changes would mean “rolling back regulation that has gone too far in seeking to eliminate risk”.
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