Dear Prime Minister, Chancellor, and Secretary of State,
RE: A NEW APPROACH TO ENSURE REGULATORS AND REGULATIONS SUPPORT GROWTH
I welcome your letter of 24 December 2024, along with the Chancellor’s recommendations on growth. We want to collaborate with you in a fundamentally different way to support the growth mission. To achieve the deep reforms necessary, your acceptance that we will take greater risks and rigorously prioritise resources is crucial.
I have appreciated your backing for our work on growth. This includes reforming listings rules, bolstering investment research, revolutionising provision of financial advice, launching long term asset funds, reforming the value for money framework for pensions targeting better longterm returns, and reforms to fixed income and commodity markets to sustain UK market leadership. With the Prudential Regulation Authority (PRA) we removed the bonus cap and proposed pro-competitiveness changes to the remuneration regime. Record financial crime prosecutions also contribute, given crime impedes growth and drives compensation levies.
The full letter is available below.
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