Badenoch is at CityUK’s Annual Conference this morning promising a new regulatory regime for financial services. A new Mrs Thatcher revolution?
Her central argument is that eliminating risk also eliminates reward and growth. She points out compliance headcount has tripled since 2009 and compliance costs she says are six times higher than the nearest competitor. She blames risk-averse regulators who only ever add rules, and politicians who delegated responsibility to them…
The actual policies so far trailed are:
The Tories say there is more to come…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”