Priya PatelTLDR:
Labour has pledged to “unashamedly champion” the UK’s financial services sector and cut down on regulations, according to a 24-page document seen by The Guardian. The party plans to streamline rules set out by the Financial Conduct Authority, the Bank of England and the Competition and Markets Authority, and create a “Regulatory Innovation Office” to help regulators share data. Labour will also work with the EU to remove “unnecessary barriers” for firms post-Brexit and launch a campaign to encourage consumers to invest in British companies.
Key points:
- Labour aims to cut down on “red tape” in the financial sector by streamlining regulations and scrapping overlapping rules
- The party plans to create a “Regulatory Innovation Office” to help regulators share data and monitor the FCA’s work
- Labour will work with the EU to remove barriers for UK firms post-Brexit
- The party will launch a campaign to encourage consumers to invest in British companies and boost the UK’s stock market
- Labour wants to promote national financial inclusion and introduce regulation for buy now, pay later products
- The party will partner with City firms to make the UK a global hub for green finance
Labour has promised to “unashamedly champion” the UK’s financial services sector and cut down on regulations, according to a 24-page document seen by The Guardian. The party plans to streamline regulations set out by the Financial Conduct Authority, the Bank of England, and the Competition and Markets Authority, and create a “Regulatory Innovation Office” to help regulators share data and monitor the FCA’s work. Labour also wants to work with the EU to remove “unnecessary barriers” for UK firms post-Brexit, and launch a campaign to encourage consumers to invest in British companies. The party also wants to promote national financial inclusion and introduce regulation for buy now, pay later products. Additionally, Labour plans to partner with City firms to make the UK a global hub for green finance and expand the decarbonisation of the country’s housing stock. The party aims to achieve these goals by spreading the financial services into regional hubs, beyond London and Edinburgh, and establishing a “Skills England” body to foster talent in those areas.
