Reeves warns financial regulation has gone ‘too far’ in pledge to unleash the City

The Chancellor Rachel Reeves warned that financial regulation had “gone too far” last night as she pledged to rip up red tape and put the City watchdogs on a growth footing.

In her maiden Mansion House speech in the Square Mile, Reeves said that regulatory measures brought in since the financial crisis in 2008 have looked to “eliminate risk” and had “unintended consequences” in hampering growth.

“We cannot take the UK’s status as a global financial centre for granted,” she said. “In a highly competitive world we need to earn that status and we need to work to keep it.”

Reeves has laid out a package of reforms aimed at driving competition across financial services and unlocking a wave of capital from the UK’s pension system.

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