Charlie Nunn took the helm at Lloyds in 2021.

The boss of Lloyds Banking Group has called on the government to take its deregulation mission further to ramp up economic growth.

Charlie Nunn, chief executive of Lloyds Banking Group, welcomed recent regulatory progress, including the Chancellor’s Leeds Reforms package, but added “they are just at the start – there is more to do”.

“The hard reality is the financial system deleveraging, which results in a massive deleveraging and de-risking the whole of society, has slowed down the UK in the race over a decade, as well as other factors as well,” he said.

Deleveraging refers to when banks are forced to reduce risk and pay down debt – often by hoarding capital instead of lending. This trend ramped up after the global financial crisis

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