Prime Minister Keir Starmer has asked UK regulators for help to improve the country’s economic growth.
As per BBC, before Christmas, Starmer, the Chancellor and the Business Secretary contacted regulatory authorities, including energy regulators Ofgem and water regulator Ofwat, requesting them to submit their proposals for reforms by mid-January.
The request came after recent reports revealed that the UK economy remained unchanged and showed no growth between July and September.
Shadow business secretary Andrew Griffith believes the letter to UK regulators reveals important information about Starmer’s government.
He suggests that it shows Starmer’s government has to ask for help in creating economic growth, especially after Labour’s budget, which he believes harmed the economy.
As per the outlet, the letter, signed by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds, stated that the ministers believe working together is crucial to make sure the regulatory environment in the UK becomes more supportive of economic growth and investments.
The Financial Conduct Authority (FCA) said it would respond to the letter in the New Year.
It also pointed out that it had already introduced measures since the summer to support economic growth, such as changing the information given to retail investors and suggesting ways to improve the value of workplace pensions.
