“Every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth,” Reeves said after the meeting.
The regulators, operating under the illusion that their job was to erect those same regulatory barriers, said that might, well, contradict some of their legal responsibilities.
But Reeves was undeterred. She told the gathered chief executives of the country’s energy, rail, water and competition watchdogs that there needs to be a “mindset shift on regulation.”
“I want to see this mission woven into the very fabric of our regulators through a cultural shift from excessively focusing on risk to helping drive growth,” she said.
And the chancellor warned watchdogs that, while they’d come up with a few good thoughts on ripping up their own rulebooks, she expected “greater ambition and urgency” and “fresh ideas” from them.
Yet while faceless bureaucrats make useful whipping boys, the tough stance has also offered the opposition Conservative Party an easy stick with which to hit the government.