Rachel Reeves will vow to “take the boot of regulation off the throat of businesses” as she unveils a bonfire of red tape to boost the economy in her keynote Mansion House speech.
The beleaguered chancellor has bet her future and her hopes of achieving elusive economic growth with a massive round of City deregulation.
It comes as Treasury sources say Ms Reeves wants to see more “risk taking” and move back to the pre-2008 model for financial services, before the banking collapse.
Her speech comes just hours after she had also announced the new “Leeds reforms” to the mortgage market in a bid to open up the opportunity of buying a house to more than 30,000 first time buyers.
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