Chancellor calls on watchdog bosses to tear down regulatory barriers that hold back growth
- Chancellor of the Exchequer Jeremy Hunt has called on the heads of the UK’s financial watchdogs to tear down regulatory barriers that are holding back growth.
- In a speech to the City of London, Hunt said that the UK needs to be “the most competitive place in the world to do business” and that the current regulatory environment is “not fit for purpose.”
- Hunt said that he wants to see a “step change” in the way that the watchdogs operate, with a focus on “proportionality and risk-based supervision.”
- He also said that he wants to see the watchdogs work more closely with each other and with the government to create a “more joined-up approach to regulation.”
Hunt’s comments come at a time when the UK is facing a number of economic challenges, including high inflation, rising interest rates, and a slowing economy. The government is hoping that by reducing regulatory barriers, it can make the UK a more attractive place for businesses to invest and create jobs.
However, Hunt’s comments have been met with some skepticism from the financial industry. Some argue that the current regulatory environment is already too lax and that further deregulation could lead to a repeat of the 2008 financial crisis.
Others argue that Hunt’s comments are simply a way of appeasing his Conservative Party colleagues, who have long been calling for less regulation of the financial industry.
It remains to be seen whether Hunt’s call for deregulation will be successful. However, it is clear that the UK government is under pressure to take action to boost the economy, and reducing regulatory barriers is one of the options that is being considered.
Chancellor calls on watchdog bosses to tear down regulatory barriers that hold back growth
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