Chancellor Rachel Reeves has plans to ease banking regulations. Bankers have given pinky promises that they won’t crash the economy again.
Following the financial crash in 2008 which was precipitated by reckless banking practices, regulations were introduced by then Chancellor Alistair Darling. Since then the financial sector has run smoothly with no major meltdowns requiring government intervention with lorry loads of public money.
Now Reeves wants the financial sector to be be more adventurous to grow the economy so that she has more money for the Labour Party ambitions. In talks with the banking sector they all gave promises that they wouldn’t get carried away again and would be on their best behaviour. Honest.