Starmer's Push for Regulatory Reform to Boost UK Economy

British Prime Minister Keir Starmer has urged UK regulators to dismantle barriers hindering economic growth. Writing to over ten regulatory bodies, including the Financial Conduct Authority, Starmer seeks pro-growth proposals by January amid a stagnant economy and upcoming tax-raising budget challenges.

In a bid to revitalize the UK's sluggish economy, British Prime Minister Keir Starmer has called on the country’s regulators to remove growth barriers. The financial and competition watchdogs received letters urging them to develop pro-growth initiatives, according to Sky News reports on Saturday.

Starmer, along with finance minister Rachel Reeves, addressed more than ten regulators, including the Financial Conduct Authority and Competition and Markets Authority, outlining an unambiguous direction towards prioritizing economic growth and investment. They expect proposals on regulatory reforms by mid-January, sources reportedly told Sky News.

Reactions to the request have been mixed, amidst concerns about the government's tax-raising budget planned for October 30, which business groups claim could hinder investment efforts. Downing Street has yet to comment on the initiative officially.

(With inputs from agencies.)