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 the economy.
In a speech to the Association of British Insurers (ABI) annual dinner, Hunt said that the UK needs to create a “more dynamic, competitive and innovative economy” in order to boost growth and improve living standards.
He said that the government is committed to making the UK “the best place in the world to start and grow a business” and that it is looking to the financial services sector to play a key role in this.
However, he warned that the UK’s regulatory framework is currently too complex and burdensome, and that this is acting as a barrier to growth.
He said that the government is working to reduce the burden of regulation on businesses and that it is looking to the financial watchdogs to play a key role in this.
He said that the watchdogs need to be “more proportionate and risk-based” in their approach to regulation and that they need to “tear down the unnecessary barriers” that are holding back growth.
He said that the government is “determined to create a regulatory environment that supports growth and innovation” and that it is “looking to the financial watchdogs to play their part in making this happen.”
The ABI welcomed the Chancellor’s comments and said that it is committed to working with the government to reduce the burden of regulation on businesses.
ABI director general Huw Evans said: “We welcome the Chancellor’s commitment to creating a more dynamic, competitive and innovative economy. The financial services sector is ready to play its part in delivering this.
“We agree that the UK’s regulatory framework needs to be more proportionate and risk-based. We are committed to working with the government and the financial watchdogs to reduce the burden of regulation on businesses and to create a regulatory environment that supports growth and innovation.”
Chancellor calls on watchdog bosses to tear down regulatory barriers that hold back growth
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