Reeves 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.
According to extracts from her first Mansion House address shared with media, Reeves vowed not to take the UK's status as a global financial center for granted, and pledged a raft of growth-focused reforms to earn and preserve this position. "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."
"The UK has been regulating for risk, but not regulating for growth," said the chancellor, who has written to policymakers reminding them of their responsibilities regarding growth as well as market stability. This pledge to boost investment in capital-starved British firms complements plans outlined on Wednesday to build a slew of "megafunds" in what the government said was the biggest shake-up in UK pensions seen in decades.
Mindful of its manifesto commitments to make Britain the global hub for transition finance, Reeves said the government would join forces with the City of London Corporation to launch the Transition Finance Council.