Reeves Calls for Regulatory Revolution to Spur Growth

Finance Minister Rachel Reeves has challenged Britain's regulators to create a regulatory environment that fosters economic growth and innovation. Amid slow economic recovery and tax-related criticism, Reeves highlighted the need for a cultural shift focusing on growth rather than risk management.

Finance Minister Rachel Reeves has issued a call to action for Britain's regulators, urging them to eliminate obstacles to economic growth. In a meeting with watchdog bosses on Thursday, she emphasized that fostering investment and innovation should be the government's 'absolute top priority.'

The push for regulatory flexibility follows the Labour government's struggle with a stagnant economy, which saw minimal growth and contraction in prior months. Reeves has come under fire from businesses following her recent budget, which raised employer social security contributions significantly.

Reeves, alongside Prime Minister Keir Starmer, has requested that regulators propose five key reforms to stimulate growth in the next year. While agreeing on their role in facilitating growth, regulators pointed out existing barriers like their other statutory duties.

(With inputs from agencies.)