Reeves reiterated her support for the introduction of a secondary objective for the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which mandates that these regulators must 'facilitate the international competitiveness of the UK economy ... and its medium to long-term growth.'
Reeves expressed concerns about the commitment of the City's regulatory bodies to these objectives and has been pressing regulators to clarify their actions in support of the secondary objective.
Reeves highlighted the risks of losing business to other financial centers, such as company listings moving to New York or US banks relocating to other European cities, emphasizing the need for the UK to maintain competitiveness.
#chancellor-rachel-reeves #uk-financial-regulators #city-of-london #financial-services-sector #competitiveness
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