Rachel Reeves has said that she “won’t apologise for wanting to reform how regulation works in Britain” after a major economic speech which saw her back a third runway at Heathrow.

The Chancellor unveiled a suite of policies the Treasury said would “kickstart” economic growth, including an “action plan” intended to instil a pro-growth approach to regulation, alongside plans to resume trade talks with India, and the redevelopment of Old Trafford. 

Businesses, she said, “are held back by a complex and unpredictable regulatory system, and that is a drag on investment and innovation”.

And a new “final action plan” will be published in March, she pledged, after the former chairman of the Competition and Markets Authority (CMA) was ousted from his role.

Asked by CityAM about concerns over her deregulatary drive and the optics for international investment, Rachel Reeves insisted: “It’s up to the government to set the framework, but I think that businesses probably know what is best for international investment into the UK.

“And what businesses – big and small – say to me all the time: a combination of the huge array of regulations, the number of consultees that they have to consult, the judicial review process, but also the conflicting regulations and rules that you have from different regulators over the same entity or the same investment, just creates confusion.

“There’s a lack of predictability in our regulators which is bad for business and bad for our economy.”