UK PM Burnham Maintains Pro-Growth Strategy for Financial Services Sector
Government Commitment to Financial Services Growth
LONDON, July 24 (Reuters) - Britain's new government under Prime Minister Andy Burnham intends to preserve the previous administration's pro-growth approach to the financial services sector including regulation, according to a person familiar with the matter.
Continuation of Pro-City Agenda
The government will keep pushing the Financial Services Growth and Competitiveness Strategy — the pro-City agenda set out by Keir Starmer's team — and a reform bill making its way through parliament, the person said.
Regulatory Emphasis on Economic Growth
Shifting the emphasis of financial services regulation towards encouraging economic growth rather than simply containing risk was a key policy of former finance minister Rachel Reeves.
Recent Measures to Boost the Finance Sector
Last year, Reeves announced measures intended to boost the finance sector, including changes to requirements for banks to separate retail and investment banking activities and a plan to get more savers investing in stocks.
(Reporting by Andy Bruce; Editing by Hugh Lawson)
