The Chancellor is at the World Economic Forum in Davos rubbing shoulders with, among others, JP Morgan chief Jamie Dimon and Goldman Sachs CEO David Solomon as she seeks to convince investors to trust Britain. She’s vying for the investment to boost growth as her competitor politicians around the world are doing the same. It’s like a round of governmental and corporate speed-dating in minus six degrees.
When it comes to planning and big projects, “the answer can’t always be no”, Reeves told Bloomberg TV on Wednesday. “That’s been the problem in Britain for a long time. That when there was a choice between something that would grow the economy and sort of anything else, ‘anything else’ always won.”
Last week the UK Government announced it was delaying by a year the implementation of Basel 3.1, the final set of international banking reforms designed in response to the 2008 global financial crisis. Compared to what you may have expected from a rules-favouring Labour Government, Reeves is being forced into following the lead of the US.
“Well, look, we want to root out waste in government spending,” Reeves told Bloomberg TV, laughing. “I think maybe the comparison might end there. I’m not going to go [and] troll presidents around the world.”
It’s a sign of a change of approach, a Government insider told The i Paper. “Ultimately, regulators have to choose a direction they go in and what you’re seeing is that they’re being asked to go in a direction that moves away from simply managing risk all the time,” the source said. “And that is quite a profound and interesting change, and probably one that only a Labour government could actually do, defying expectations a bit.”
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Read More“Water regulation is an example of this, where the thing for decades now has been just: keep down costs. And obviously the cost of that has been rubbish water infrastructure. There are always winners and losers with this stuff. It’s not quite a zero sum, but you have to pick a side.”
But once she returns from hobnobbing with the international business elite abroad, Reeves is poised for a row with Cabinet colleagues over some of her growth measures. Two of the biggest opponents to expanding Heathrow include Energy Secretary Ed Miliband and London Mayor Sadiq Khan, on the grounds of noise and environmental pollution. Parallel plans to liberalise environmental protections – such as removing the protections on rare bats that block major infrastructure projects – are also likely to be opposed by green groups.
Not a bit of it, according to people in Government close to the Prime Minister, who say Reeves retains Sir Keir Starmer’s full backing.
Once home, with the snow stamped off her boots, Reeves will reach for the hi-vis jacket. She has the Prime Minister’s backing, but she might also need a hard hat to fend off some of the brickbats heading her way.
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