Billed as the most significant overhaul in over a decade, the “Leeds reforms” are intended to reinvigorate an economy that has recently contracted. Ms Reeves said the plans would place the financial sector, which accounts for 9% of the UK’s GDP, at the “heart of the government’s growth mission”.

A central plank of the reforms is making it easier for people to get onto the housing ladder. Mortgage rules will be loosened, allowing lenders to provide more mortgages worth over 4.5 times a borrower’s annual income—a move the Bank of England estimates could help an additional 36,000 first-time buyers per year. This will be supported by a permanent, UK government-backed mortgage guarantee scheme, where the taxpayer covers a portion of the losses if a borrower defaults, to encourage banks to offer more 91-95% mortgages.

The UK government also aims to encourage consumers to invest their cash savings. Plans include an industry-funded advertising campaign to promote investing in shares and allowing banks to send information about “investment opportunities” to savers with cash in low-interest accounts. In parallel, the official warnings on investment products will be reviewed to ensure people can “accurately” judge risk levels.

Significant regulatory changes are also proposed to increase competitiveness. The reforms include a fresh review of bank “ringfencing” rules, which were introduced after the 2008 financial crisis to protect consumer cash from a bank’s riskier activities. Accountability rules for senior finance bosses will be “radically streamlined”, and a new “concierge service” will be established to court international investors with tailored support.

Consumer protection frameworks also face a significant shake-up. The UK government plans to rein in the powers of the Financial Ombudsman Service, which settles disputes. The interest rate paid on compensation to wronged consumers will be cut, and a 10-year limit for making claims will be imposed.

The announcement was met with scepticism from the opposition. Shadow Chancellor Sir Mel Stride dismissed the speech as an “attempt to distract from the chaos of the last few weeks”, arguing that under Labour, “taxes are rising, businesses are struggling, and confidence is draining away”.

Notably absent from the Chancellor’s speech was any mention of cash ISAs, despite rumours in recent weeks of ISA reform on the Chancellor’s plans.