Chancellor Rachel Reeves will meet with top UK regulators this week to push for the removal of rules deemed to hinder economic growth. This follows criticism from businesses who argue that new regulations, such as those on workers' rights, will stifle growth and lead to job losses. While the government insists on a balanced approach to regulation, Reeves' allies say she wants regulators to actively challenge the trend of adding new rules in response to every issue.
Chancellor Rachel Reeves will this week step up pressure on Britain’s regulators to rip up anti-growth rules, in the face of renewed criticism from business that the government is making things worse. CBI chair Rupert Soames on Monday said business was “bruised” by government policies and new employment regulations would hamper growth and cause job losses. Labour’s election manifesto contained promises to regulate a range of areas from the workplace to football.
The Treasury said new regulation of “buy now, pay later” companies would support growth in the sector and protect consumers. Reeves argues that while Labour will not shy away from necessary new rules, it believes regulators must look at the existing rule book and adopt a completely new culture regarding risk. In her Mansion House speech in November, the chancellor told watchdogs: “The UK has been regulating for risk, but not regulating for growth.
REGULATION GROWTH LABOR BUSINESS COMPETITION
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