The Chancellor used her annual Mansion House speech to City financiers on Tuesday to warn that state regulations are “a boot on the neck of businesses”, calling for watchdogs across the economy to take a light-touch approach.
But critics have claimed that cutting regulations emboldens banks to behave more dangerously and makes a repeat of the 2008 financial crisis more likely.
In her speech, however, she signalled that reforms are still possible in future despite the backlash from savers and smaller financial institutions, which pushed against any curbs on tax-free cash accounts.
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She called for a major change in how society sees investment, saying: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits. And our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves.”
She said in the Mansion House speech: “Our bill reserves the power to mandate pension funds to invest productively in a wider range of assets, sending a clear signal that pension funds and this government are united in our determination to deliver higher returns for savers and more investment for the economy.“But I am confident that I will not need to use that power, because firms see the urgency and importance of this as clearly as I do.”
Green party co-leader Adrian Ramsay accused Reeves of behaving dangerously, saying: “If in their desperation to achieve growth, the government is willing to set up the conditions for another disastrous financial crash, then we need to question whether growth should be the be-all and end-all of economic policy.”
Mel Stride, the Conservatives’ shadow Chancellor, said: “Reeves should have used her speech to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”
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