The government is putting pressure on the UK’s financial services regulators to make sure they promote the growth of the City of London, the chancellor has said.
Rachel Reeves said she supported the Conservatives’ decision to introduce a secondary objective for the Financial Conduct Authority and the Prudential Regulation Authority. This states that the regulators must “facilitate the international competitiveness of the UK economy … and its medium to long-term growth”.
Amid concerns that the City bodies are not doing enough to promote these goals, Reeves said that she and Tulip Siddiq, the new economic secretary to the Treasury, “are constantly asking regulators, ‘What are you doing in practice to meet that secondary objective?’”
Reeves said that she and Tulip Siddiq, the economic secretary to the Treasury, were challenging regulators to meet the secondary objective
ALAMY
The Financial Conduct Authority regulates nearly 50,000 UK businesses to ensure
