Regulating for growth

Regulating for growth: A cultural shift for a competitive UK

This landmark report calls for a bold transformation in the UK’s regulatory culture to unlock economic growth and enhance international competitiveness.

The report outlines ten practical recommendations to ensure that regulators, government, and industry work together to embed a growth mindset across the UK’s financial services ecosystem. 

It builds on the momentum of the Financial Services and Markets Act 2023, which introduced a secondary objective for regulators to promote international competitiveness and growth. The report argues that this objective must be reflected not just in new rulemaking, but also in how regulation is interpreted, supervised, and enforced on a daily basis.

The recommendations come at a critical time. Recently, the House of Lords Financial Services Regulation Committee warned the UK risks ceding ground to more dynamic global financial centres if it fails to align its regulatory culture with its economic ambitions.