Crisis-era regulation has 'gone too far', UK's Reeves tells finance sector

LONDON -Finance minister Rachel Reeves on Thursday promised a reboot of regulation governing Britain's"crown jewel" financial industry, which she said has shackled the City's prospects since the global financial crisis and stifled British economic growth.

"These changes have resulted in a system which sought to eliminate risk taking. That has gone too far and, in places, it has had unintended consequences which we must now address." BoE Governor Andrew Bailey, speaking immediately after Reeves, did not address her criticism of regulators but welcomed the government's focus on growth and recommended rebuilding trade ties with the European Union.

Reeves wants to consolidate about 60 public-sector defined contribution pension schemes and 86 local government pension schemes into eight structures large enough to bankroll ambitious infrastructure projects and undersupported growth firms.

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Crisis-era regulation has 'gone too far', Reeves tells UK finance sectorReeves and Prime Minister Keir Starmer promised voters in July's election that they would turn Britain into the fastest Group of Seven economy after years of sluggish growth.
Source: CNBC - 🏆 12. / 72 Read more »