In a meeting with a group of cross-industry regulators last week, UK Chancellor of the Exchequer Rachel Reeves criticized the regulators for stifling economic growth, urging them to "tear down regulatory barriers" and adopt a pro-growth approach, as reported by Bloomberg.
Reeves emphasized the need for a "cultural shift from excessively focusing on risk to helping drive growth." Reeves faces mounting pressure following October's budget, which included controversial tax hikes that hurt Labour's popularity. Stagnant GDP, falling retail sales, and rising borrowing costs have intensified scrutiny of her economic policies.
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