Speaking with Bloomberg in Davos, she said Marcus Bokkerink’s departure from the Competition and Markets Authority was an example of the government’s pitch to get the economy moving. Regulators need to regulate “not just for risk but for growth,” Reeves said. “This government has a different strategic approach — he recognized it was time to move on.”
Growth is her “number one mission” but the economy remains smaller than when Labour came to power in July, with businesses blaming the large tax rises in her October budget.
Reeves said the UK was changing its regulatory landscape to reflect the new world in which President Donald Trump plans major deregulation. Reeves said the UK is responding, and is already moving faster than the European Union on financial regulation. Last week, it delayed the implentation of Basel 3.1, the new set of financial stability rules, from January 2026 to the following year.
“Already since the election of Donald Trump we’ve pushed back the implementation of Basel 3. We’re ahead of the European Union in recognizing that the world has changed,” she told Bloomberg News Editor-in-Chief John Micklethwait. “Our regulators are willing to be pragmatic and recognize the importance of attracting investment to the UK.”
Asked if she would go further and scrap ring fencing, under which UK retail banks of larger groups have to be separately operated to protect them from any blow-up in other operations such as investment banking, Reeves said: “We always keep an open mind on things.”
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Chancellor of the Exchequer, Rachel Reeves, Competition and Markets Authority, UK regulatory landscape, financial regulation
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