Rachel Reeves tells private equity bosses she plans to shut down more regulators

Chancellor stopped short of saying which regulators were in government’s crosshairs

The chancellor, Rachel Reeves, has told private equity bosses that she plans to shut down more regulators across the UK as she attempts to drive growth across Britain’s subdued economy.

Reeves – who in July claimed regulators were a “boot on the neck” of business – highlighted her recent decisions to sack the chair of the competitions watchdog, shut down the payments regulator, and “severely” constrain the Financial Ombudsman Service, which UK banks have long lobbied to curtail. However, she said there was “still more to do”.

“I want to take out more regulators; there’s still too many,” Reeves told investment firms gathered in London at the British Private Equity & Venture Capital Association (BVCA) summit on Wednesday.

The chancellor stopped short of saying which regulators were in the government’s crosshairs, but stressed that environmental regulations – once viewed as a “blocker of growth” – were being changed.