The UK government has the regulators in its sights as it tries to squeeze more growth out of the economy.
Chancellor Rachel Reeves is to meet with representatives from financial, environmental and health regulators today, in a push to cut bureaucracy and lower the cost of regulation for business.
She’s expected to unveil an “action plan” to cut red tape by reducing the number of bodies which oversee sectors of the economy that are crucial to boosting growth.
Speaking before the meeting, the chancellor says: “Today weare taking further action to free businesses from the shackles of regulation. By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”
The meeting will be attended by the Financial Conduct Authority, Prudential Regulation Authority, the Environment Agency, Natural England, the medicines regulator and the Information Commissioner's Office.
Between them, these regulators look to protect consumers, businesses, patients and the environment – but ministers seem determined to prevent them clogging up the economy.
On the environmental side, the government hopes to stop infrastructure projects being delayed by protection demands – an issue highlighted recently by the £100m bat shelter built for the HS2 train line.
The Treasury also plan to slim down the legal duties of regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, “so that they do not waste time satisfying redundant duties”.
Rain Newton-Smith, chief executive of the Confederation of British Industry, said the UK’s “Gordian knot of regulations” hindered investment with compliance costs that were too high “leaving us trailing the international competition”.
She said: “Today’s announcement signals a shift towards a more proportionate, outcomes-based approach that should deliver more sustainable growth and investment.” The agenda • 9am GMT: Italian inflation report for February • 10am GMT: OECD interim economic outlook • 12.30pm GMT: US retail sales report for February • 2pm GMT: US NAHB housing market index
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