Rachel Reeves’s Mansion House speech mattered less for what it changed than what it confirmed: she’s staying – and backing the City. After spooking markets with tears in the Commons, appearing with the Bank of England governor was damage control. The “Leeds reforms” were billed as bold, but the real message was a return to business as usual.

Delivered to a City audience, the speech confirmed a deregulatory tilt that is striking not for its boldness but for its familiarity. Her “reform” of the ringfencing regime for banks is code for loosening constraints under pressure from the finance lobby. Streamlining the regime brought in after the 2008 crash to hold bank leaders personally responsible for regulatory breaches will weaken post‑crisis accountability standards.

One of the City’s regulators, the financial ombudsman, will be reined in after industry gripes that its consumer-friendly stance over complaints has exposed banks to compensation claims worth billions of pounds. Mortgage borrowing caps are being eased, allowing lower-income........

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