lam i am clear that agenda. first, iam clearthat this_ agenda. first, iam clearthat this must_ agenda. first, ian1 clearthat this must include reform of agenda. first, iam clearthat this must include reform of our public— this must include reform of our public services. in the budget i set — public services. in the budget i set out _ public services. in the budget i set out our future spending plans — i set out our future spending plans to _ i set out our future spending plans to ensure our public services _ plans to ensure our public services have the investment that— services have the investment that they— services have the investment that they need for the years ahead _ that they need for the years ahead. that additional investment comes with a clear expectation of better value for money— expectation of better value for money and higher productivity. as the — money and higher productivity. as the secretary of state for health — as the secretary of state for health said yesterday, taxpayers welcome the additional investment into the nhs but they worry that it won't _ nhs but they worry that it won't be spent wisely. so reform _ reform will be a central focus right across _ reform will be a central focus right across government. we will use digital— across government. we will use digital technology more efficiently. we will _ digital technology more efficiently. we will focus on intervention. we will we will focus on intervention. we wittioih _ we will focus on intervention. we wittioih up — we will focus on intervention. we willjoin up services across government to increase efficiency and to _ government to increase efficiency and to bring costs down. we will harness — and to bring costs down. we will harness the knowledge and expertise

of business leaders as we do so, so that we _ of business leaders as we do so, so that we can — of business leaders as we do so, so that we can ensure that we bring the best ideas— that we can ensure that we bring the best ideas into government from beyond _ best ideas into government from beyond whitehall. alongside this, we need economic reforms to unlock the full growth _ need economic reforms to unlock the full growth potential of our economy. ourapproach full growth potential of our economy. our approach to regulation is a economy. 0ur approach to regulation is a criticai— economy. our approach to regulation is a critical part of that. as the prime — is a critical part of that. as the prime minister has already set out, the key— prime minister has already set out, the key test for regulation is whether— the key test for regulation is whether it will make our economy more _ whether it will make our economy more dynamic and more competitive. we will— more dynamic and more competitive. we will review the strategic doubt is that— we will review the strategic doubt is that we — we will review the strategic doubt is that we give to the cna and two other— is that we give to the cna and two other major regulators to underline the importance of growth. that includes — the importance of growth. that includes our financial service regulators. it was right that successive governments made regulatory changes after the global fihahciai_ regulatory changes after the global financial crisis to ensure that regulation kept pace with the global economy— regulation kept pace with the global economy of the time. but it is important _ economy of the time. but it is important that we learn the lessons of the _

important that we learn the lessons of the past. these changes have resulted — of the past. these changes have resulted in a system which sought to eliminate _ resulted in a system which sought to eliminate risk—taking. that has gone too far _ eliminate risk—taking. that has gone too far in— eliminate risk—taking. that has gone too far. in places it has had unintended consequences that we must not address. let me set out some examples — not address. let me set out some examples first senior managers in a certification— examples first senior managers in a certification resume has helped to improve _ certification resume has helped to improve standards and accountability, some elements have become _ accountability, some elements have become overly costly and administratively burdensome. so, the treasury. _ administratively burdensome. so, the treasury, the fca and the pra will shortly— treasury, the fca and the pra will shortly publish the outcomes of our review, _ shortly publish the outcomes of our review, including a commitment to consult _ review, including a commitment to consult on — review, including a commitment to consult on removing the occurrence of education regime from legislation. as the pra have acknowledge, post—crisis pay structures meet the uk and international outlier on deferral arrangements. so, we will support

their intention to consult on reducing _ their intention to consult on reducing the length of p deferrals, helping _ reducing the length of p deferrals, helping firms to attract and retain taieht~ _ helping firms to attract and retain talent. third, some of our regulatory requirements are duplicative and that they could be streamlined, so i look forward to seeing _ streamlined, so i look forward to seeing the — streamlined, so i look forward to seeing the outcomes of the fca's handbook— seeing the outcomes of the fca's handbook review. finally, while regulation has been successful in improving — regulation has been successful in improving the quality of financial advice _ improving the quality of financial advice being offered to consumers, marry— advice being offered to consumers, many people do not get help with the finances _ many people do not get help with the finances that they want and need to. the fca_ finances that they want and need to. the fca cah — finances that they want and need to. the fca can the... to ensure that people _ the fca can the... to ensure that people get— the fca can the... to ensure that people get the right support. as these _ people get the right support. as these examples show, the uk has been regulating _ these examples show, the uk has been regulating for risk but not regulating for risk but not regulating for risk but not regulating for growth. while maintaining important and similar protections, upholding international standards— protections, upholding international standards of regulation and protecting the vital stability of

our financial services system, now is also _ our financial services system, now is also the — our financial services system, now is also the moment to rebalance our approach _ is also the moment to rebalance our approach and take forward the next stage _ approach and take forward the next stage of— approach and take forward the next stage of reform is needed to drive growth, _ stage of reform is needed to drive growth, competitiveness, and investment. the last government introduced — investment. the last government introduced legislation to make growth — introduced legislation to make growth and competitiveness secondary objectives _ growth and competitiveness secondary objectives for our regulators, which we supported in opposition. tonight i can announce that we have issued to refocus — i can announce that we have issued to refocus free letters to the financial _ to refocus free letters to the financial conduct authority, protection or regulation authority, mohetarv— protection or regulation authority, monetary policy, and the payment system _ monetary policy, and the payment system regulator. these make clear that i_ system regulator. these make clear that i spent— system regulator. these make clear that i spent them to fully support this government's ambitions on economic— this government's ambitions on economic growth. i welcome the work that the _ economic growth. i welcome the work that the fca _ economic growth. i welcome the work that the fca and the pra have already— that the fca and the pra have already started, and i look forward to seeing _ already started, and i look forward to seeing their next steps to deliver— to seeing their next steps to deliver that growth and competitiveness. i have also heard

from _ competitiveness. i have also heard from many— competitiveness. i have also heard from many of you that our approach to redress _ from many of you that our approach to redress can cause uncertainty and be a drag _ to redress can cause uncertainty and be a drag on — to redress can cause uncertainty and be a drag on investment. the financial— be a drag on investment. the financial ombudsman service plays a vital role _ financial ombudsman service plays a vital role for consumers to get redress— vital role for consumers to get redress when things go wrong, and at that will— redress when things go wrong, and at that will not _ redress when things go wrong, and at that will not change. reform is needed — that will not change. reform is needed to create a shorter climate for investment. we have worked closely _ for investment. we have worked closely with the fca and the ombudsman to develop a new agreement between _ ombudsman to develop a new agreement between the two institutions, with clear expectations on how they operate, — clear expectations on how they operate, including on historic market— operate, including on historic market practice and mass redress evehts _ market practice and mass redress events i— market practice and mass redress events. i strongly welcome their joiht _ events. i strongly welcome their joiht cati— events. i strongly welcome their joint call for input to be published tomorrow. — joint call for input to be published tomorrow, which seeks to significantly improve the rules governing how the service operates. alongside _ governing how the service operates. alongside these measures, we are tonight— alongside these measures, we are tonight setting out a range of further— tonight setting out a range of further steps to build a true partnership between government and the financial services sector, and

unlock— the financial services sector, and unlock its — the financial services sector, and unlock its potential. let me take you through them. because reforming capital— you through them. because reforming capital markets is a priority for this government, we are today committing to legislate to establish car prices, — committing to legislate to establish car prices, an innovative new stock market _ car prices, an innovative new stock market liv— car prices, an innovative new stock market by may 2025 to support companies to scale and groove. we are supporting innovation in the financial— are supporting innovation in the financial sector by launching a pilot— financial sector by launching a pilot to — financial sector by launching a pilot to deliver a digital gilt instrument, using distributive ledger— instrument, using distributive ledger technology. insurance markets are also _ ledger technology. insurance markets are also pivotal in supporting growth, _ are also pivotal in supporting growth, so we are today publishing a consultation on captive insurance, when _ consultation on captive insurance, when a _ consultation on captive insurance, when a new— consultation on captive insurance, when a new approach could cement the uk's position as a leading financial sector _ uk's position as a leading financial sector. alongside the regulators continued efforts we will consider further— continued efforts we will consider further steps to improve the uk personal— further steps to improve the uk personal insurance linked securities offer _ personal insurance linked securities offer to _ personal insurance linked securities offer. to protect the integrity of the financial set sector, we are looking — the financial set sector, we are looking to _ the financial set sector, we are looking to platforms and telco

networks to reduce the scale of incidences and losses from fraud. to empower— incidences and losses from fraud. to empower female entrepreneurs and support— empower female entrepreneurs and support women in business, we are tracking _ support women in business, we are tracking in _ support women in business, we are tracking in a — support women in business, we are backing in a vicious work of the investors— backing in a vicious work of the investors in— backing in a vicious work of the investors in women task force, delivered — investors in women task force, delivered allotted hour women in finance _ delivered allotted hour women in finance charter, which continues to id finance charter, which continues to go from _ finance charter, which continues to go from strength to strength. to support— go from strength to strength. to support the mutual sector, we are launching — support the mutual sector, we are launching our call for evidence on the credit— launching our call for evidence on the credit union common bond and asking _ the credit union common bond and asking regulators to report on the mutual— asking regulators to report on the mutual landscape. i welcome the work of nationwide and royal london to establish _ of nationwide and royal london to establish a industry led literals council— establish a industry led literals council to drive growth in the sector — council to drive growth in the sector. finally we are publishing our national payments vision, including _ our national payments vision, including decisive action to progress open viking and support our fintech— progress open viking and support our fintech businesses. lord mayor, governor, — fintech businesses. lord mayor, governor, ladies and gentlemen, in the budget—

governor, ladies and gentlemen, in the budget two weeks ago we fixed the budget two weeks ago we fixed the foundations and restore stability to our public finances. the precondition for a strong and successful— the precondition for a strong and successful economy. the changes that i successful economy. the changes that i have _ successful economy. the changes that i have set _ successful economy. the changes that i have set out this evening will drive _ i have set out this evening will drive growth and competitiveness through— drive growth and competitiveness through investments and reform. a long-term — through investments and reform. a long—term strategy to harness the strengths — long—term strategy to harness the strengths of our financial services sector, _ strengths of our financial services sector, making the uk a global leader— sector, making the uk a global leader in— sector, making the uk a global leader in sustainable finance, reducing _ leader in sustainable finance, reducing uncertainty by developing the right— reducing uncertainty by developing the right approach to redress, reinvigorating our capital markets by unlocking private investment through— by unlocking private investment through our pension funds, and reforming — through our pension funds, and reforming our approach to regulation to make _ reforming our approach to regulation to make it— reforming our approach to regulation to make it more dynamic and at the sector— to make it more dynamic and at the sector more — to make it more dynamic and at the sector more competitive. taken together, — sector more competitive. taken together, these measures represent the mouse _ together, these measures represent the mouse through crew financial services — the mouse through crew financial services package since the financial crisis _ services package since the financial crisis -- _ services package since the financial crisis. —— represent the most

pro-growth— crisis. —— represent the most pro—growth financial services package~ _ pro—growth financial services package. where we have strength we must build _ package. where we have strength we must build on them. where we have weaknesses — must build on them. where we have weaknesses we must address them. and in everything we do we will work together— in everything we do we will work together with you in partnership, because — together with you in partnership, because that is what our country needs— because that is what our country needs to — because that is what our country needs to prosper and to grow. thank you very— needs to prosper and to grow. thank you very much. applause studio: that was rachel reeves there, the chancellor, delivering herfirst there, the chancellor, delivering her first mansion house speech in front of the great and the good they are in the city of london. plenty of business leaders there. she finished that speech basically in the way she started, talking about the budget that she delivered a couple of weeks ago and defending it as a growth budget. no specific mention of those tax rises on businesses, which you

imagine some people there are perhaps not so keen on. but she made her arguments, perhaps not so keen on. but she made herarguments, lay perhaps not so keen on. but she made her arguments, lay out that it provided stability and a changed course on public investment. and that we are hearing from andrew bailey, the governor of the bank of england, to deliver his speech for the next few minutes. let's have a listen. ~ ., ., . , listen. might lord mayor, lady mayoress. _ listen. might lord mayor, lady mayoress, chancellor, - listen. might lord mayor, lady mayoress, chancellor, ladies. listen. might lord mayor, lady i mayoress, chancellor, ladies and gentlemen. lord mayor, congratulations on taking up the mere reality, i look forward to working closely with you over the next year. the timing of events this year means that you are at real risk of having myself and the chancellor descend on you twice in your term, which of course is a blessing. i will use my time this evening to talk about growth in the economy— why it matters, the current state of economic growth, and what could happen in the 14