In a speech during her recent North American tour, UK Chancellor of the Exchequer Rachel Reeves reiterated the Government's commitment to promoting the growth and competitiveness of the financial sector, emphasizing the need for financial regulators to actively support this goal.
Reeves endorsed the prior Government's introduction of a secondary objective for the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This objective requires these regulators to facilitate the international competitiveness and long-term growth of the UK economy. "The financial services sector is the jewel in the crown of the UK economy, but we must remain competitive in an increasingly tough global landscape," she said.
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