“The financial services sector will have an integral role to play in helping the government achieve its growth mission, but disproportionate regulation without a clear purpose and approach will put a firm stop to that. We agree that growth must be built on a platform of economic stability, a sentiment shared wholeheartedly by our members. We would caution though, that too much deregulation – especially when it comes to the banking sector – could be reckless and end in another 2008-style financial crisis.
“This is why the new industrial strategy is so important, and must form the basis for the country’s growth plans. The Leeds reforms, announced yesterday, are also a step in the right direction.
“However, the government’s growth agenda is also dependent on the confidence of businesses to invest and thrive. The latest findings from our Business Confidence Monitor told us that the tax burden is our members’ biggest concern; businesses bore the burden of the Chancellor’s first Budget and must be spared from additional tax hikes in her second.”
ENDS
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