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Two business correspondents, Dearbail Jordan and Simon Jack, reported on the recent call from the chancellor to the financial industry to shift the negative perception surrounding savers investing in stocks and shares in order to stimulate economic growth. Rachel Reeves emphasized the importance of highlighting the benefits of investment, rather than solely focusing on the risks in a speech. The government is collaborating with the financial regulator to provide assistance to potential investors.
During the annual Mansion House dinner in the City of London, Reeves addressed business leaders about the need to streamline financial advice and guidance to empower individuals to make informed decisions. The introduction of targeted support for consumers is being considered by the government to address these issues. With the UK economy experiencing a contraction in recent months, there is mounting pressure on the government to bolster growth through various measures.
Speculation around potential tax increases, including a proposed wealth tax by some Labour MPs, has been fueled by recent policy shifts. However, Sir William Russell highlighted the government’s pragmatism and dismissed the likelihood of such drastic measures. Reeves announced plans to incentivize consumers to invest in order to reap the benefits of the UK’s economic progress. Despite the potential risks associated with investing in assets like shares, the government has historically encouraged public participation in the stock market, as seen in previous initiatives like the privatization of British Gas and the Royal Mail.
Reflecting on recent challenges, including emotional moments in the House of Commons, Reeves shared an anecdote about a school visit where a student asked her about her dream job. In a lighthearted way, she acknowledged the difficulties of her role as chancellor but expressed her commitment to exploring further changes to ISAs and reforming financial regulation in the UK. Emphasizing the need for balanced regulation that fosters growth without stifling innovation, Reeves called on regulators to act boldly in service of the country’s prosperity. Bank of England governor Andrew Bailey also weighed in on the importance of modernizing regulations to maintain stability while encouraging growth
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