The Chancellor has been told by a financial expert that she is “out of her depth” as it has been claimed she has called on banking chiefs to discuss how to grow and stimulate the economy.

It has been reported that Rachel Reeves has called for a meeting on Wednesday with HSBC, Lloyds Banking Group, Barclays, Nationwide and NatWest.

The Express reports that those who might attend Wednesday’s meeting will be, Lloyds Banking Group chief Charlie Nunn, NatWest’s CEO, Paul Thwaite, Georges Elhedery, HSBC Holdings’ CEO and Debbie Crosbie, CEO of Nationwide.

Chris Barry, Director at Thomas Legal, said that the Chancellor is asking the wrong people, he said, “We all know the big banks struggle to balance their own risk and reward strategy, so asking them for advice on growing the economy is like asking Mr Blobby to lay the dinner table.

“SMEs are the backbone of the UK economy and often run by seasoned and successful entrepreneurs.

“These are the people we need to get the UK out of this mess and into a solid future of prosperity.”

Read more related news:

Chancellor issued a recession warning as the Budget is having an impact on ‘recruitment’

Britain’s night time economy hit by massive closures

Investors are fleeing to the US following Trumps tax cuts with the UK risking a £18bn hit

Chancellor warned she is in a ‘more precarious position’ and her days are numbered

Michelle Lawson, Director at Lawson Financial, said both Reeves and Labour are “like a puffing old steam train running out of coal looking for someone else to stoke the engine.”

She said, “They have run out of the few ideas that they did have at the risk of not making it out of the station let alone the end of the track. The economy is flailing and deteriorating rapidly but the saving grace is at least they are asking people at the coalface itself.”

Lawson said that regulation is good as it is a means of “keeping things in line,” she warned, that excessive red tape comes with the risk “strangulation.”

Lawson added, “The housing market is such a pivotal marker for the economy that has been ignored and undervalued by previous incumbents.

“We still need housing to be promoted to a senior department as it is a fundamental basic need.”

Patricia McGirr, Founder at Repossession Rescue Network, said, “Like most of her policies, Reeves’ coffee morning with bankers will bring plenty of froth and zero substance.

“Banks are there to make money, not provide an emotional prop for a Chancellor who’s out of her depth and ideas.

“Businesses, investors and pensioners feel more alienated than ever. If this is her masterplan for UK PLC, we’re in serious trouble.”