Finance Minister Rachel Reeves has announced plans to make significant changes to regulations affecting the financial sector in the UK.

Reeves believes that the current regulatory framework has been a hindrance to the growth of the City of London and the overall progress of the UK economy since the global financial crisis. The proposed changes aim to rejuvenate the financial industry and create an environment that is more conducive to growth and innovation.

Reeves stressed the importance of a regulatory landscape that supports the sector's potential while also ensuring stability and resilience in the face of future challenges.