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Most important part of chancellor's big annual City speech was what wasn't said | Ed Conway
The real story from Tuesday night's Mansion House was more what didn't happen than what did happen.
These speeches are traditionally the chancellor's big annual opportunity to announce reforms to the financial sector, and to the way the government taxes and regulates the money system. Speculation was rife in the run-up to this one that Rachel Reeves would impose new constraints on the amount that people can put into tax-free ISA savings.
Some wondered, too, whether the chancellor would impose new taxes on the banking system, softening the blow slightly by loosening the capital requirements and certification rules that make it harder to recruit top bankers. In the event, neither happened.
The chancellor did not announce any changes to the ISA scheme, though she added that she "will continue to consider further changes to ISAs". She didn't announce an increase of the bank levy, as some suspected, though she did loosen some of the regulations facing bankers.
Read more:Should you get Lifetime ISA? Two key issues to considerIs there £15bn of wiggle room in Reeves's fiscal rules? There was a host of other plans announced, collected into a package Ms Reeves has dubbed the "Leeds Reforms" (after the city which contains her constituency - also home to many financial firms). The chancellor said these amounted to "the most wide-ranging package of reforms to financial services regulation in more than a decade".
But given the previous chancellor, Jeremy Hunt, made very similar noises three years ago when he announced his own "Edinburgh Reforms.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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