Senior politicians at the Treasury have nudged the Financial Conduct Authority and the Prudential Regulation Authority to help to ramp up growth in the City of London.
Chancellor Rachel Reeves and City minister Tulip Siddiq "are constantly asking regulators, ‘What are you doing in practice to meet that secondary objective?'" of facilitating the medium to long-term international competitiveness of the UK economy, according to Reeves. This secondary objective was first brought in by Reeves' predecessor Jeremy Hunt. Speaking during her tour of North America, where she has met with Canadian pension fund giants and major US-based financial institutions, Reeves said: "I believe that our financial services sector is the jewel in the crown of the UK econo...
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