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UK finance minister Reeves to unveil action plan to cut over-regulation
Published by Global Banking & Finance Review®
Posted on March 17, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 17, 2025
2 min readLast updated: January 24, 2026
Rachel Reeves will unveil a plan to cut regulation in the UK, aiming to boost economic growth by reducing oversight bodies and supporting innovation.
LONDON (Reuters) - British finance minister Rachel Reeves will meet financial, environmental and health regulators on Monday to unveil an "action plan" to cut red tape by reducing the number of bodies overseeing sectors seen as crucial to boosting economic growth.
Days after Prime Minister Keir Starmer said his government would abolish a body which oversees the state-funded health system in England to cut bureaucracy, Reeves will pledge to cut the administrative cost of regulation on business by a quarter.
"Today we are taking further action to free businesses from the shackles of regulation," Reeves said in a statement.
"By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people's pockets."
Faced with tight public finances, Starmer and Reeves are trying to find savings but also unlock new ways to try to boost sluggish economic growth, which contracted in January.
At Monday's meeting with eight regulators, including the Financial Conduct Authority, Reeves will say environmental guidance will be looked at to end cases when infrastructure projects are delayed by demands such as protecting bat habitats.
The finance ministry said work would begin with major regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, to have their legal duties slimmed down "so that they do not waste time satisfying redundant duties".
It said the new system would also support businesses to innovate with help from the Regulatory Innovation Office, which is looking at ways to bring new technologies to market more quickly.
(Reporting by Elizabeth Piper; Editing by Helen Popper)
The main topic is Rachel Reeves' plan to cut over-regulation in the UK to boost economic growth.
Financial, environmental, and health sectors are targeted for reduced regulation.
Rachel Reeves, Keir Starmer, and major UK regulators are involved in the plan.
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