Financial Services: Mansion House Speech

In her Mansion House speech, the Chancellor announced that we would change the emphasis of regulation from risk to growth. The FCA and PRA have effectively regulated the London market into terminal decline, embedding Stonewall philosophy and diversity, equity and inclusion into financial regulation, starting with the Financial Services and Markets Act 2000. That was followed by the markets in financial instruments directives I and II, which imported EU regulation into the London market, prioritising a European bank lending model over our equity capital market tradition. Given that regulators cannot regulate for growth, the only solution is to disband the FCA and PRA, and return to the light-touch regulation under the Bank of England that secured London’s position as a vibrant capital market until 2000. Could the Minister explain with clarity the Government’s strategy of regulating for growth, which appears to me to be an oxymoron?