In a significant move to revive the UK’s faltering economy, Prime Minister Keir Starmer has urged key regulators to prioritize economic growth and remove barriers to investment. According to Sky News, Starmer, alongside Finance Minister Rachel Reeves, sent a letter on Tuesday to over ten regulatory bodies, requesting actionable pro-growth initiatives to be submitted to Downing Street by mid-January.
The letter was directed at major regulators, including the Financial Conduct Authority, the Competition and Markets Authority, and energy and water watchdogs Ofgem and Ofwat. Additional recipients included the Financial Reporting Council, media regulator Ofcom, the Environment Agency, and healthcare regulators, reflecting the broad scope of this directive.
One recipient described the message as “unambiguous,” emphasizing a clear governmental shift toward leveraging regulatory frameworks to drive economic recovery and attract investment. The request signals growing concerns about the UK’s sluggish economic performance and the need for decisive measures to spur growth.
Downing Street has not yet commented on the report. However, the move aligns with broader efforts by Starmer’s administration to address economic stagnation, stimulate private sector activity, and respond to mounting challenges in key sectors. With a mid-January deadline, all eyes are on the proposals that regulators will deliver and how they could reshape the UK’s economic trajectory heading into 2024.