At the annual Mansion House dinner in the City of London, Reeves told business leaders: “Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves.”
She said the government is consulting with the Financial Conduct Authority “to introduce a brand-new type of targeted support for consumers ahead of the new financial year”.
The government is under pressure to ignite growth after figures revealed the UK economy shrank in May following a contraction in April.
Meanwhile, U-turns on welfare benefits and the winter fuel allowance have stoked speculation there could be tax rises in the Budget later this year.
Some Labour MPs have previously suggested a wealth tax, such as a 2% tax on assets worth more than £10m, could raise £24bn per year.
Speaking at the Mansion House event, Sir William Russell, former Lord Mayor of the City of London, told the BBC: “Unfortunately,…
