Rachel Reeves has set out sweeping reforms to the UK’s finance industry in the hope of delivering much-needed economic growth.The Chancellor hopes the drive to cut red tape and increase innovation, billed as the biggest changes in more than a decade, will turn around an economy which has shrunk in recent months.
00:00But there are sort of five key ways in which I believe that we are reforming financial services through the Leeds reforms.
00:08First of all, we are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth.
00:17Second, we're providing certainty for banks operating in the UK and ensuring that UK banks have the ability to compete internationally and drive economic growth.
00:27Third, we're doubling down on making the UK an innovation capital and the place of choice for fintechs to start up, to scale up and to list in the UK.
00:38Fourth, we're seizing opportunities in areas where we are already world leading, including asset management, sustainable finance and speciality insurance.
00:49And fifth, we are delivering prosperity by increasing the firepower of our capital markets and boosting retail investment.
00:56And Emma will set out that in detail.
01:00But the measures today, the Leeds reforms, do represent the widest set of reforms to financial services for more than a decade.
01:08We now need to work together to bring these to life, to make sure whether it is more first-time buyers getting access to mortgages,
01:17more businesses, more businesses getting access to capital, to start up, to scale up, and then ultimately to list in the UK.
01:26That is now our job.
01:28We're giving you the tools.
01:29We now need to work together to achieve that in reality.
