Deregulation—not austerity lite—must be the centrepiece of Rachel Reeves’ Budget on Wednesday, urges the CEO of one of the world’s largest independent financial advisory and asset management organizations.
The call-to-action from deVere Group’s Nigel Green comes as the UK Chancellor prepares for her toughest task yet when she delivers the spring statement.
It will follow the Bank of England halving its growth forecasts from 1.5% to 0.75% in February while the OECD recently slashed predictions the UK would expand by 1.7%.
In addition, the Office for Budget Responsibility will also cut the UK’s expected growth rate for 2025 from 2% to around 1% on the same day as the Spring Statement, delivering another blow to Reeves, who has committed to delivering growth “further and faster.”
The Treasury is also reportedly warning 10,000 civil service jobs will be cut this parliament, benefits will be slashed, and public spending increases will be limited to 1.3% a year, as officials seek to stick to her own “ironclad’ fiscal rules.
Nigel Green says: “Austerity-lite won’t deliver the growth urgently needed. It won’t solve the economic bind Reeves finds herself in: ballooning departmental spending, historic tax levels, and a private sector still absorbing the shock of last autumn’s National Insurance hike—a direct tax on jobs.
“That increase, framed as a funding fix, has instead made hiring costlier and discouraged expansion. It reinforced a message that the UK penalises work and enterprise at the very moment both are needed most.
“Deregulation offers the only credible route to shift that narrative. It’s the tool Labour must now wield—fast, boldly, and in full view of the markets.”
Reeves has promised fiscal responsibility. But delivering it means hard, politically bruising decisions.
Public spending has surged and expectations have grown with it. Freezing thresholds and trimming capital budgets won’t be enough.
Civil servants are already modelling 20% departmental cuts. With no room for major tax rises, Reeves needs a growth strategy that doesn’t rely on more public money.
“That’s where regulatory reform comes in. Deregulation is not about ideology—it’s about necessity. It’s the only serious path to restore competitiveness, drive productivity, and signal to global investors that Britain is pro-growth again,” notes Nigel Green.
“But for it to work, Labour must stop dithering. The time for pilot schemes and cautious consultation is over. What’s needed is a sweeping, strategic drive to remove barriers, speed up approvals, and give business a clear runway. Labour must act—and be seen to act—with urgency.”
He continues: “And crucially, this can’t be a government-only effort. Labour has to win over the private sector.
“This means treating business not as a policy target, but as a partner.
“Industry doesn’t need more rhetoric—it needs certainty, simplicity, and speed. It needs to know that this government won’t default to tax-and-trim orthodoxy, but will back those creating jobs and taking risks.”
The National Insurance rise last year sent the opposite signal. It discouraged hiring, hurt small firms and made employment more expensive—just as the country was trying to grow out of stagnation.
“A government serious about job creation would be working to reverse that damage. Deregulation is the most immediate way to do it.”
Reeves’ instincts may lean towards caution, but the moment demands conviction. There’s a narrow window now to reshape Labour’s economic identity—to be the party of enterprise, not just fiscal tidiness.
The deVere CEO concludes: “If Reeves makes deregulation the foundation of her Budget, she can pivot from playing defence to seizing the initiative.
“But it has to happen now. If Labour misses this moment, it won’t just cost them momentum—it could cost them their economic credibility.
“Deregulation, done right, could define a decade.”
