PM demands ‘concrete proposals’ on growth from regulators
Share:
The Prime Minister has called on Britain’s regulators to do more to prioritise growth as he seeks to improve living standards by 2029. In letters sent last week, Sir Keir Starmer, Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds said they wanted to see “concrete proposals” from regulators setting out how they could “go further” to “prioritise growth”.
They said: “Improving regulation in the UK – ensuring that it enables growth and does not unduly hold back investment – is an essential part of this Government’s growth mission. “This is a shared endeavour in which we all have a stake, and therefore we would like your support in delivering it.”.
Regulators including the Financial Conduct Authority, Ofgem, Ofwat and the Competition and Markets Authority are among the bodies reported to have received letters from the Prime Minister. The letters come after a tough economic start to Labour’s term in office, with figures published just before Christmas showing there was no growth between July and September.
Those figures continued a period of struggling economic growth, including a small recession at the end of 2023, although the economy did see slight growth at the start of the year. Restoring growth forms the basis of Sir Keir’s first “mission” in Government, with Labour saying it wants to make the UK the fastest growing economy in the G7, while the Prime Minister focused on boosting living standards – in the form of household income – by the end of the Parliament.
