Finance
Reeves Says UK Post-Crisis Crackdown on Banks Went Too Far
- Regulation has ‘unintended consequences’ for UK, Reeves says
- Chancellor vows to give regulators new remit to support growth
Chancellor of the Exchequer Rachel Reeves said the UK’s crackdown on banks in the wake of the global financial crisis has gone too far and vowed to give the country’s watchdogs new marching orders to ensure they’re focused on growing the economy.
Regulators have spent much of the last decade trying to eliminate risk taking, which has hindered growth across the country, Reeves said in her inaugural Mansion House speech to the City of London on Thursday.