Rachel Reeves tells private equity bosses she plans to shut down more regulators

Rachel Reeves arrives to speak at a British Private Equity and Venture Capital Association event in London. Photograph: Jeff Moore/PA

The chancellor, Rachel Reeves, has told private equity bosses that she plans to shut down more regulators across the UK as she attempts to drive growth across Britain’s subdued economy.

Reeves – who in July claimed regulators were a “boot on the neck” of business – highlighted her recent decisions to sack the chair of the competitions watchdog, shut down the payments regulator, and “severely” constrain the Financial Ombudsman Service, which UK banks have long lobbied to curtail. However, she said there was “still more to do”.