Wednesday briefing: Why Labour wants to cut financial red tape – and why critics fear that risks a new crisis

Raft of changes: Rachel Reeves delivering her speech at the during the annual Financial and Professional Services dinner at the Mansion House in London. Photograph: Tolga Akmen/EPA

Good morning. The chancellor, Rachel Reeves, has vowed to cut back regulation in the UK financial sector in a bid to unlock growth.

Reeves has announced a raft of changes in what the Treasury describes as the “biggest financial regulation reforms in a decade”. Her plans include loosening rules on the financial sector, increasing innovation, and allowing lenders to offer mortgages at more than 4.5 times a buyer’s income.