Prime Minister Sir Keir Starmer, the chancellor and business secretary, has written to the UK’s central regulators asking them to come up with ideas for reforms that could boost economic growth.
He contacted watchdogs including the energy regulator Ofgem and the water regulator of Water before Christmas and asked them to submit proposals by mid-January.
It comes after that. The data was published earlier this week. The growth rate of the UK economy between July and September is indicative.
Shadow business secretary Andrew Griffiths said the letter contained “everything you need to know” about Sir Keir’s government, claiming he had “set his government to deliver growth after Labour’s disastrous budget”. You have to beg.”
The letter – which is also understood to have been sent to the Environment Agency, the Financial Conduct Authority (FCA) and healthcare regulators – was first reported by Sky News.
Signed by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds, it says ministers believe cooperation is essential to ensure the regulatory environment is “supportive of greater growth and investment” while respecting the independence of regulators. become
The FCA said it would respond in the New Year. It added that it had taken steps since the summer to support growth, including improving the information retail investors receive as well as providing better value for money for workplace pensions. Making suggestions for
Improving regulation to enable growth and deter investment is “an essential part” of the government’s development mission, the letter said.
Economic growth is a key driver behind many major policy announcements, from Communities Secretary Angela Rayner’s unveiling of reforms to the planning system to boost housebuilding to more “prudential risk-taking” at financial services companies. up to the chancellor to encourage “taking”.
The letter is evidence that Sir Kiir wants to pull all possible government levers to ensure that arms-length bodies such as regulators, as well as government departments, achieve the most sustainable economic growth in the G7. Prioritize helping to deliver Labour’s mission.
Conservative MP Griffiths said that if the Prime Minister wanted Britain to show the fastest growth in the G7, “she would have better luck turning back the clock before the general election when Britain was growing under the Conservatives.” “.
Earlier this month, Sir Kerr warned MPs that it would take some time for people to see improvements in their living standards.
This week Reeves also said the challenge of recovering the economy was “huge after 15 years of neglect”, while shadow chancellor Mel Stride said the figures showed “growth is slowing on Labour’s watch”. has gone”.