The UK’s Prime Minister, Keir Starmer, has urged the nation’s regulatory bodies to eliminate hurdles impeding growth, in a bid to invigorate the country’s sluggish economy. The news was revealed by Sky News on a recent Saturday.

In a communique to over ten regulatory authorities, such as the Financial Conduct Authority, Competition and Markets Authority, and power and water regulators Ofgem and Ofwat, Starmer requested the development of strategies promoting growth. These proposed measures are expected to be submitted to the Prime Minister’s office, Downing Street, by the middle of January, according to Sky News.

A recipient of the letter, co-signed by finance minister Rachel Reeves, reportedly noted the clear directive to focus on economic growth and investment.

Sky News also reported that the Financial Reporting Council, media regulator Ofcom, the Environment Agency and healthcare regulators were among the recipients of the letter.

Downing Street has yet to officially respond to a request for comment from Reuters.

Recent statistics revealed a noticeable stagnation in the UK’s economy during the initial three months of Starmer’s fresh administration, indicating a potential economic deceleration.

Industry groups have also voiced their concerns that the government’s tax increase introduced in the October 30 budget could negatively impact businesses, making it more difficult to invest and hire employees in the near future.