UK’s Rachel Reeves Promises to Slash Regulatory Oversight in Growth Push #
UK Chancellor of the Exchequer Rachel Reeves says her government is planning to reduce the number of regulators overseeing business, aiming to cut “red tape” that she argues stifles growth and innovation. Reeves claims excessive regulatory burden is slowing down sectors like financial services, tech, and infrastructure
The proposal involves consolidating oversight, potentially abolishing or merging certain regulators. Although details are still vague, Reeves has committed to bringing forward plans soon. Critics warn that weakening regulatory supervision could lead to weakened protections in areas like consumer finance, environmental standards, and financial stability. Meanwhile, supporters argue that reform is needed to make the UK more business-friendly in a competitive global market.