Starmer demands 'proposals for growth' from regulators as PM seeks to boost UK economy
28 December 2024, 18:00
Prime Minister Sir Keir Starmer has demanded that British regulators 'prioritise growth' as he seeks to make good on his pledge to improve living standards before the next election.
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Letters authored by Starmer alongside Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds asked for "concrete proposals" which could boost Britain's faltering economy.
The letters read: "Improving regulation in the UK - ensuring that it enables growth and does not unduly hold back investment - is an essential part of this Government's growth mission.
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"This is a shared endeavour in which we all have a stake, and therefore we would like your support in delivering it."
The bodies who received the letters included the Financial Conduct Authority, Ofgem, Ofwat and the Competition and Markets Authority.
The letters come after a tough economic start to Labour's term in office, with figures published just before Christmas showing there was no growth between July and September.
Those figures continued a period of struggling economic growth, including a small recession at the end of 2023, although the economy did see slight growth at the start of the year.
Restoring growth forms the basis of Sir Keir's first "mission" in Government, with Labour saying it wants to make the UK the fastest growing economy in the G7, while the Prime Minister focused on boosting living standards - in the form of household income - by the end of the Parliament.
In their letters to regulators, the ministers said they were "determined that every department and every regulator should prioritise growth, and that we in Government support you to do so".
They added: "This collaborative effort is essential to ensure that our regulatory environment becomes more pro-growth and pro-investment.
"We respect the independence of regulators and are committed to working with you to achieve these objectives."
But the Conservative shadow business secretary Andrew Griffith poured scorn on the move.
He said: "It says all you need to know about Keir Starmer's Government that he's having to beg his own Government to create growth after Labour's damaging Budget and job destroying Employment Bill.
"If he wants the fastest growth in the G7, he'd have more luck turning the clock back to before the general election when the UK was growing under the Conservatives."
