Chancellor Rachel Reeves is reportedly seeking guidance from major UK banks, including HSBC and Lloyds Banking Group, to help stimulate economic growth. However, financial experts criticize this approach, suggesting that relying on banks is misguided since they struggle with their own risk management. Chris Barry emphasized the importance of small and medium enterprises (SMEs) in revitalizing the economy, while Michelle Lawson warned that excessive regulation and neglecting the housing market could worsen the economic situation. The Chancellor's leadership appears to be in jeopardy as the economy faces significant challenges.
"We all know the big banks struggle to balance their own risk and reward strategy, so asking them for advice on growing the economy is like asking Mr Blobby to lay the dinner table."
"They have run out of the few ideas that they did have at the risk of not making it out of the station let alone the end of the track."
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