Financial reforms aim to deliver UK growth

RACHEL Reeves has unveiled reforms to the financial system set to be the biggest in a decade, aimed at delivering economic growth and spurring on retail investing.

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Changes include reforming the bank ring-fencing regime and reducing regulation to reintroduce “informed risk-taking”, the Government said.

The chancellor said the reforms, unveiled in Leeds, “represent the widest set of reforms to financial services for more than a decade”.

The Treasury said the ring-fencing regime - brought in after the 2008 financial crisis to separate banks’ retail and investment banking activities - will be reformed.

Economic Secretary Emma Reynolds will lead a review into how changes can strike the right balance between growth and stability.