Rachel Reeves LIVE: Chancellor plots massive change in desperate bid to save UK economy

Rachel Reeves has set out sweeping reforms to the UK's finance industry in the hope of delivering much-needed economic growth. The Chancellor hopes the drive to cut red tape and increase innovation, billed as the biggest changes in more than a decade, will turn around an economy which has shrunk in recent months.

Further details of Ms Reeves' plans will be set out in her Mansion House speech in the City of London tonight. She will say: "We have been bold in regulating for growth in financial services and I have been clear on the benefits that that will drive with a ripple effect across all sectors of our economy putting pounds in the pockets of working people.

"Through better deals on their mortgages, better returns on their savings, more jobs paying good wages across our country. As I look ahead it is clear that we must do more. In too many areas, regulation still acts as a boot on the neck of businesses choking off the enterprise and innovation that is the lifeblood of growth.

"Regulators in other sectors must take up the call I make this evening not to bend to the temptation of excessive caution but to boldly regulate for growth in the service of prosperity across our country."

FOLLOW BELOW FOR LIVE UPDATES: