Rachel Reeves Unveils Sweeping Financial Sector Reforms

British finance minister Rachel Reeves has unveiled a comprehensive set of reforms aimed at revitalizing the country's financial sector. Speaking at the annual Mansion House dinner, Reeves outlined significant changes designed to simplify regulations and encourage investment in stocks.

Among the measures announced, Reeves promised to reform bank ring-fencing rules established post-financial crisis, streamline regulatory approvals for smaller financial companies, and ease mortgage access. She argued that excessive regulation stifles growth and innovation.

The financial sector has welcomed the proposed changes, with industry leaders expressing support for efforts to reduce red tape. However, concerns remain over Britain's slow economic recovery and the potential for further tax hikes to balance public finances.

(With inputs from agencies.)