Chancellor: Britain must regulate for growth

ODN

Rachel Reeves unveils proposals to reform the UK’s financial sector and boost the economy and retail investment. The chancellor was speaking at the annual Financial & Professional Services Dinner at Mansion House in the City of London on Tuesday.  Report by Gluszczykm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00The stability that we have restored is already delivering.

00:04Four cuts in interest rates by the Bank of England since the general election,

00:08reducing the cost of mortgages and of business lending.

00:12Real wages up by more in the first 10 months of this Labour government

00:16than they increased by in the first 10 years of the previous Conservative government.

00:22These are the most wide-ranging package of reforms to financial services regulation

00:26in more than a decade.

00:29At Mansion House last year, I said that we must regulate for growth,

00:35not just for risk.

00:36We are delivering today on that commitment,

00:38while continuing to protect financial stability,

00:42so that the benefits of a thriving, growing financial services sector

00:46can be realised for people all over Britain.

00:49Let me set out the details of that package in four parts.

00:53First, I am rolling back regulation that has gone too far

00:57in seeking to eliminate risk.

01:00Second, I am delivering targeted changes in the areas where the UK already has particular strengths.

01:06Third, I am making changes to capital requirements to unlock more productive capital.

01:12And fourth, I am introducing measures to boost retail investment,

01:16so that more savers can reap the benefits of UK economic success.

01:21We have been bold in regulating for growth in financial services.

01:25And I have been clear on the benefits that that will drive,

01:29with a ripple effect felt right across all sectors of our economy.

01:33Putting pounds in the pockets of working people.

01:36Getting better deals on their mortgages.

01:38Better returns on their savings.

01:41And more jobs paying good wages in all parts of our country.

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