Rachel Reeves tells private equity bosses she plans to shut down more regulators

"Reeves who in July claimed regulators were a boot on the neck of business cheered her recent decisions to sack the chair of the competitions watchdog, shut down the payments regulator, and severely constrain the Financial Ombudsman Service, which UK banks have long lobbied to curtail. However, she said there was still more to do. I want to take out more regulators, there's still too many, Reeves told investment firms gathered in London at the British Private Equity & Venture Capital Association (BVCA) summit"

"The chancellor stopped short of saying which regulators were in the government's crosshairs, but stressed that environmental regulations once viewed as a blocker of growth were being reformed. Reeves said the Department for Environment, Food and Rural Affairs (Defra), now led by former City minister Emma Reynolds following last week's cabinet reshuffle, was focused on how to facilitate growth rather than find reasons to say no to development, whether that is [though] Natural England, or the Environment Agency."

"The chancellor said the department was now moving in the right direction. Reeves' appearance at the BVCA Summit comes as the government launches a charm offensive to try to keep businesses on side ahead of a challenging autumn budget on 26 November. Rumours are swirling over a number of potential tax increases including on banks, property and landlords' rental income which could help the chancellor plug a shortfall of up to 40bn in the public finances."

The chancellor announced plans to close additional regulators to boost Britain’s subdued economy, citing prior measures to remove or curtail specific watchdogs. Recent actions include removing the Competition and Markets Authority chair, shutting the payments regulator, and tightening the Financial Ombudsman Service. The government is reforming environmental regulation and directing Defra, led by Emma Reynolds, to facilitate development rather than block it. The announcement came at a BVCA summit amid a government charm offensive ahead of a challenging autumn budget, with rumours of tax rises to plug a potential public finances shortfall of up to £40bn.

Read at www.theguardian.com