LONDON – British Chancellor of the Exchequer Rachel Reeves is set to unveil a new “action plan” on Monday aimed at slashing over-regulation in key sectors, including finance, health, and the environment, as part of efforts to stimulate economic growth. Reeves will meet with representatives from regulatory bodies to outline steps to streamline oversight and reduce bureaucratic hurdles.
The announcement follows Prime Minister Keir Starmer’s recent pledge to dismantle a body overseeing the state-funded health system in England to curb administrative inefficiencies. Reeves is expected to commit to reducing the regulatory cost on businesses by 25 percent, emphasizing the importance of a leaner, more efficient system to encourage investment and job creation.
In her statement, Reeves emphasized the government’s goal: “Today, we are taking decisive action to free businesses from the constraints of unnecessary regulation. By cutting red tape and creating a more streamlined framework, we aim to foster investment, create jobs, and increase wages for working families.”
With the UK grappling with tight public finances and a sluggish economy, which experienced contraction in January, both Starmer and Reeves are working to identify savings while seeking ways to stimulate growth. During Monday’s meeting with eight key regulatory bodies, including the Financial Conduct Authority (FCA), Reeves will address concerns about environmental regulations that have, at times, delayed infrastructure projects. Specifically, she will examine guidelines related to habitat protections, such as the preservation of bat habitats, that have caused delays to development projects.
This initiative represents a critical step in the government’s broader economic strategy as it seeks to balance fiscal responsibility with long-term growth objectives.
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