In the first cut of red tape, the Payment Systems Regulator – which oversees systems like Faster Payments and Mastercard – will be axed and brought under the Financial Conduct Authority.
But the Conservatives claim Labour has overseen an expansion of regulators.
Starmer said: “For too long, the previous Government hid behind regulators – deferring decisions and allowing regulations to bloat and block meaningful growth in this country.
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“This is the latest step in our efforts to kickstart economic growth, which is the only way we can fundamentally drive-up living standards and get more money in people’s pockets.
Chancellor Rachel Reeves said: “The regulatory system has become burdensome to the point of choking off innovation, investment and growth. We will free businesses from that stranglehold, delivering on our Plan for Change to kickstart economic growth and put more money into working people’s pockets.”
Current global insecurity meant the Government must go “further and faster to reform the state, to deliver a strong, agile and active state that delivers for working people”, Starmer told Cabinet ministers.
Asked whether Starmer’s speech amounted to a “bonfire of the quangos”, the PM’s official spokesman said: “When it comes to the state, this week, the Prime Minister, Cabinet and the Cabinet Secretary will set out the next steps that this Government will take to fundamentally reshape the British state to deliver for working people and their families with a single minded focus to drive through the plan for change.
The Government said bringing the Payment Systems Regulator under the FCA would make it “easier for firms to deal with one port of call” when querying transactions.
Further steps to cut red tape will be announced by ministers over the coming days.
Shabana Mahmood has asked the Sentencing Council to reconsider its guidance, while ministers have insisted it is for them and Parliament to determine policy.
“Ministers should decide, not quangos. Labour need to grip this.”
The Government said that axeing of the Payment Systems Regulator would not immediately affect its remit or ongoing programme of work, and the quango would continue to have access to its statutory powers until legislation is passed by Parliament to enact the changes.
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