Rachel Reeves is seeking to increase the “growth and competitiveness” of the financial services sector. We are concerned this could have negative consequences for the quality of regulation and the success of other sectors. The government’s strategy for finance should focus on ensuring it is stable and well-regulated, and able to meet the needs of the wider economy – including the other sectors identified in the government’s Industrial Strategy. Alongside 50 other signatories, we have signed a letter to Rachel Reeves issuing a warning that a competitiveness-orientated strategy could jeopardise financial stability and growth.
