Labour vows to cut financial ‘red tape’ and ‘unashamedly champion’ UK sector

Report shows Labour move to scrap many rules and processes as party denies plan will dilute consumer protections

• Martha Lane Fox: green economy must be next UK government's No 1 priority

Labour has pledged to unashamedly champion" the UK's financial services sector, as it promised to cut down 10,000 pages of regulations and ruled out a windfall tax on bank profits.

However, the shadow chancellor, Rachel Reeves, signalled that Labour would not bow to intensive lobbying from the private equity industry, telling the Guardian she still planned to close a 500m tax loophole benefiting Britain's private equity executives.