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Chancellor Rachel Reeves will tell an audience of the city of London on Tuesday that Great Britain’s security regulation culture acts as a “boot on the neck of the business” because she promises to bring the bureaucracy through the economy.
Reeves will use her annual speech of the Mansion House to announce what she claims to be the greatest reduction in financial services regulation for a decade, and argues that Britain has made a caustic attempt to eliminate the risk from the economy.
She will say that the drive against bureaucracy beyond the city has to go beyond all sectors, and insists that Britain has to assume a new culture is used in the rules to increase growth and not reduce the entire risk.
“It is clear that we have to do more,” Reeves will say. “In too many areas, regulation still acts as a boot on the neck of companies and suffocates the company and the innovation that is the elixir of life of growth.”
“The supervisory authorities in other sectors have to accept the call that I do that evening and do not bend excessive caution to tempt them,” she will say. “You should courageously regulate the growth of the service of prosperity in our country.”
The overarching message of Reeves to City Grandes is that Britain has to take more risks and that the regulatory culture, which was won after the financial crisis of 2008, has gone too far.
In the city that means Reform of the Ring Sencing rules These forced british banks to separate their retail and investment banking activities – a change introduced after 2008 – as well as the requirements for capital and report requirements.
On Tuesday, Reeves also terminated a scaling of what she claimed to have an excessive stressful regime of the senior managers in the city and a revision of the much criticized Financial Ombudsman service.
The Federal Chancellor will also bring a new task force onto the market to support companies in listing and growth in Great Britain as part of the efforts to revive the stock exchange.
In the meantime, the public of banks and a national advertising campaign is encouraged to take more risks with their savings and invest in shares and shares to increase the yields.
Reeves is under pressure to take more political risks because she tries to significantly increase the growth in view of a deteriorating fiscal situation and the prospect that it must significantly increase in her autumn budget.
Her comments have drawn a skeptical reception of observers who say that Labor has not managed to provide reforms in the scale that is necessary to change the economy during her first year of office.
Despite the guidelines to increase public investments that would pay off in time, “it doesn’t feel like a radical change,” said Helen Miller, director of the Institute for Financial Sciences, at an event on Tuesday before.
“Growth should be the number one mission,” she said. “We should throw the sink on it (but) it doesn’t feel that way.” She added that the new focus on increasing defense spending had overtaken different priorities and restricted the scope for investing in other areas such as local transport or non-military research and development.
Miller said that the “obsession” with the “political election” of a government who retained the policy of his predecessor about the state-financed childcare and pension triple lock, instead of starting a debate about the size and role of the state, had retained the “political election” of a government who had retained the guidelines of its predecessor who had retained the Chancellor.
In the meantime, Richard Hughes, the head of the budget responsibility, met a dark note on the health of public finances when he spoke to the MPs on Tuesday.
The head of the fiscal wax dog warned that there are “reasons to worry about public debts in Great Britain, given the country’s commitment to economic shock and the high effects of events such as the financial crisis and pandemic.
“We have already increased a lot of taxes in this country.
The size of the state also approached its highest post -war level, he added, while the demand from the pension funds decreases after debts in Great Britain.
Additional reporting from Sam Fleming
