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LONDON: Britain’s Labour government on Thursday announced reforms to its financial sector in a bid to grow the economy, including a plan to allow greater risk-taking.
Finance Minister Rachel Reeves outlined the plans in her first Mansion House speech — an annual address by the chancellor of the exchequer to business leaders.
Late Wednesday she announced plans to create mega pension funds, potentially boosting investment in the country by around £80 billion ($104 billion) in a move that mirrored schemes in Australia and Canada.
Reeves used her Mansion House address to say that measures brought in since the 2008 global financial crisis to “eliminate risk” have had “unintended consequences” in holding back growth.
“While it was right that successive governments made regulatory changes after the global financial crisis to ensure that regulation kept pace with the global economy of the time, it is important that we learn the lessons of the past,” she said.
“These changes have resulted in a system which sought to eliminate risk-taking. That has gone too far and, in places, it has had unintended consequences which we must now address.”
Reeves announced plans to “modernize” the Financial Ombudsman Service, which deals with complaints between consumers and firms.
A pilot scheme will meanwhile be launched to deliver digital bonds, embracing technology used by the cryptocurrency sector.
She called for “free and open trade” with partners such as the United States under its incoming president Donald Trump.
“There is so much potential for us to deepen our economic relationship on areas such as emerging technologies,” she said.
“I look forward to working closely with president-elect Trump and his team to strengthen our relationship in the years ahead.”
She added that Britain must “reset our relationship” with the European Union after Brexit.

The “megafunds” pensions plan could unlock vast sums “for infrastructure projects and businesses of the future,” the Treasury said.
Labour aims to pool assets of 86 local government pension schemes in England and Wales.
The Treasury added that together the schemes were on course to manage £500 billion in assets by 2030.
Prime Minister Keir Starmer’s new government also plans to consolidate workers’ defined contribution schemes, a common form of pension.
“These megafunds mirror set-ups in Australia and Canada, where pension funds take advantage of size to invest in assets that have higher growth potential,” the Treasury said.
Reeves hiked business taxes and government borrowing in her maiden budget at the end of October.
“Last month’s budget fixed the foundations to restore economic stability and put our public services on a firmer footing,” Reeves said in comments alongside the pensions announcement.
“Now, we’re going for growth. That starts with the biggest set of reforms to the pensions market in decades to unlock tens of billions of pounds of investment in business and infrastructure.”
She added that the reforms would also “boost people’s savings in retirement and drive economic growth.”
Some analysts urged caution over the pensions shakeup.
“The government’s hope will be... economies of scale,” noted Tom Selby, director of public policy at investment platform AJ Bell.
He added that “conflating a government goal of driving investment in the UK and people’s retirement outcomes brings a danger.”
“If it goes well, everyone can celebrate. But it’s clearly possible that it will go the other way, so there needs to be some caution in this push to use other people’s money to drive economic growth.”
 

NEW YORK: President-elect Donald Trump says he will nominate anti-vaccine activist Robert F. Kennedy Jr. to lead the Department of Health and Human Services, putting a man whose views public health officials have decried as dangerous in charge of a massive agency that oversees everything from drug, vaccine and food safety to medical research and the social safety net programs Medicare and Medicaid.
“For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health,” Trump said Thursday in a post on his Truth Social site announcing the appointment. Kennedy, he said, would “end the Chronic Disease epidemic” and “Make America Great and Healthy Again!”
Kennedy is one of the most prominent anti-vaccine activists in the world and has long advanced the debunked idea that vaccines cause autism and other health issues.
Hailing from one of the nation’s most storied political families, Kennedy is the son of the late Attorney General Robert F. Kennedy and the nephew of President John F. Kennedy. He first challenged President Joe Biden for the Democratic nomination last year. He then ran as an independent before abandoning his bid after striking a deal to give Trump his endorsement with a promise to have a role overseeing health policy in a second Trump administration.
He and the president-elect have since become good friends. The two campaigned together extensively during the race’s final stretch, and Trump had made clear he intended to give Kennedy a major role overseeing public health as part of a campaign to “Make America Healthy Again.”
“I’m going to let him go wild on health,” Trump said at a rally last month.
During his victory speech in Palm Beach, Florida, last week, Trump exclaimed, “Go have a good time, Bobby!”
Still, it was unclear precisely what job he would be offered. In an October interview on CNN, Trump transition co-chair Howard Lutnick assured there was no way Kennedy would receive the job he got.
The appointment drew alarms from public health experts.
“Robert F. Kennedy, Jr., is not remotely qualified for the role and should be nowhere near the science-based agencies that safeguard our nutrition, food safety, and health,” said Dr. Peter Lurie, president of the public health watchdog group Center for Science in the Public Interest.
Dr. Mandy Cohen, director of the Centers for Disease Control and Prevention, told The Associated Press, “I don’t want to go backwards and see children or adults suffer or lose their lives to remind us that vaccines work, and so I am concerned.”
“Any misinformation coming from places of influence, of power, are concerning,” she said.
During the campaign, Kennedy told NewsNation that Trump had asked him to “reorganize” agencies including the CDC, the National Institutes of Health and the Food and Drug Administration.
Kennedy has pushed against processed foods and the use of herbicides like Roundup weed killer. He has long criticized the large commercial farms and animal feeding operations that dominate the industry.
But he is perhaps best known for his criticism of childhood vaccines.
Again and again, Kennedy has made his opposition to vaccines clear. In July, he said in a podcast interview that “There’s no vaccine that is safe and effective” and told FOX News that he still believes in the long-ago debunked idea that vaccines can cause autism.
In a 2021 podcast he urged people to “resist” CDC guidelines that advise when kids should receive routine vaccinations.
“I see somebody on a hiking trail carrying a little baby and I say to him, ‘Better not get them vaccinated,’” Kennedy said.
Repeated scientific studies in the US and abroad have found no link between vaccines and autism. Vaccines have been proven safe and effective in laboratory testing and in real world use in hundreds of millions of people over decades. The World Health Organization credits childhood vaccines with preventing as many as 5 million deaths a year
Trump during his first term launched Operation Warp Speed, an effort to speed the production and distribution of a vaccine to combat COVID-19. The resulting vaccines were widely credited, including by Trump himself, with saving many lives.
Trump, in his announcement, said that, under Kennedy, HHS would “play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming Health Crisis in this Country.” But HHS does not have jurisdiction over many of those issues, which fall under the purview of the Environmental Protection Agency and Department of Agriculture.
Kennedy is an attorney who has built a loyal following over several decades of people who admire his lawsuits against major pesticide and pharmaceutical companies. He has pushed for tighter regulations around the ingredients in foods.
With the Trump campaign, he worked to shore up support among young mothers in particular, with his message of making food more healthful in the US, promising to model regulations after those imposed in Europe. In a nod to Trump’s original campaign slogan, he named the effort “Make America Healthy Again.”
It remains unclear how that will square with Trump’s history of deregulation of big industries, including food. Trump has pushed for fewer inspections of the meat industry, for example.
Kennedy’s stance on vaccines raises question about his ability to get confirmed, even in a GOP-controlled Senate.
He also has said he would recommend removing fluoride from drinking water, although fluoride levels are mandated by state and local governments. The addition of the material has been cited as leading to improved dental health and is considered safe at low levels.
He has said he would seek to ban certain food additives, cracking down on substances such as food dyes and preservatives, which are regulated by the Food and Drug Administration. He has also targeted pesticides, which are jointly regulated by the Environmental Protection Agency and the FDA.
Kennedy has also drawn headlines for his history with wild animals. He admitted to dumping a dead bear in New York’s Central Park — placing it as though it had been hit by a bike — and found himself the subject of a federal probe after his daughter revealed that he had cut off a beached whale’s head and strapped it to the roof of his car to take home.
HHS has more than 80,000 employees across the country. Kennedy has promised to take a serious look at those who work for HHS and its agencies, including the Food and Drug Administration, the National Institutes of Health and the CDC.
He has said he is especially focused on putting an end to the “revolving door” of employees who have previous history working for pharmaceutical companies or leave government service to work for that industry, his former campaign communications manager, Del Bigtree, told the AP last month. Bigtree is also an anti-vaccine organizer.
Kennedy said he wanted to fire 600 employees at the National Institutes of Health, which oversees vaccine research.
The expected appointment was first reported by Politico Thursday.
Kennedy’s anti-vaccine nonprofit group, Children’s Health Defense, currently has a lawsuit pending against a number of news organizations, among them The Associated Press, accusing them of violating antitrust laws by taking action to identify misinformation, including about COVID-19 and COVID-19 vaccines. Kennedy took leave from the group when he announced his run for president but is listed as one of its attorneys in the lawsuit.
Trump also announced Thursday that he will nominate Jay Clayton, who served as chairman of the US Securities and Exchange Commission during his first term, to serve as US Attorney for the Southern District of New York.