In an effort to streamline regulation and promote economic growth, UK Chancellor Rachel Reeves is ordering Cabinet Ministers to conduct a full audit of the country's approximately 130 regulators.
Through this initiative, Reeves aims to determine whether the agencies effectively support growth and, if not, whether they should be restructured or eliminated. Reeves and Prime Minister Sir Keir Starmer previously wrote to 17 major regulators, demanding to know how they plan to contribute to economic expansion. Now, she has expanded the review to include all regulatory bodies.
While financial leaders have welcomed the initiative, consumer and environmental groups are skeptical of potential deregulation. In an official statement, the Treasury defended the plan, stating, “For too long, we have regulated for risk rather than growth,” insisting that reforms will balance consumer protection with economic expansion and ensure high international standards while fostering investment and responsible risk-taking.
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