Reform's Richard Tice spoke to City grandees. Photo: Ian Forsyth/Getty Images

Richard Tice has called on City leaders to draw up proposals to radically cut regulation and introduce an overhaul of major financial institutions across the UK as he called for a “Big Reform” of financial services.

In an echo of Margaret Thatcher’s Big Bang programme on deregulation, the Reform UK deputy leader set out the party’s radical ambition to use financial services across the City to boost growth hopes in order to prevent the country from plunging into a debt crisis.

Tice said “mad ideas” should be drawn up to revise four key economic areas: regulators, growth capital offered to small businesses, pension savings and the tax code.

“In 2050, if we don’t change course, debt to GDP will be over 200 per

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