Chancellor Rachel Reeves has unveiled plans to cut red tape as the government
aims to kickstart economic growth.
The government says its Action Plan will save businesses across the country
billions of pounds by cutting the number of regulators, streamlining their core
legal duties and cracking down on complexity in the regulatory system.
It says regulators have signed up to 60 growth boosting measures, including
fast-tracking new medicines to market through a new pilot to provide parallel
authorisations from key healthcare regulators, so that patients can access the
medicine they need quicker
Other measures will aim to boost infrastructure building by simplifying guidance
to protect bat habitats and streamlining mortgage lending rules, including
making it easier to re-mortgage with a new lender and reduce mortgage terms.
The UK's business groups welcomed the announcement.
Dr. Roger Barker, Director of Policy at the Institute of Directors (IoD), said:
'The Government's Better Regulation Action Plan is a welcome shift to a more
growth friendly approach.
'In addition to the measures announced today, we would also like to see the
government apply more rigorous and timely impact assessment procedures when
considering new regulation. Non-regulatory solutions should always be
considered, and the business case for new regulation should be subject to
proper independent scrutiny by the Regulatory Policy Committee. There should
also be a commitment to reviewing the ongoing effectiveness of existing
regulation at regular intervals.'
Kate Nicholls, Chief Executive of UKHospitality, said:
'A plan to cut red tape and reduce the burden on businesses is long
overdue.
'In sectors like hospitality, businesses have been struggling with too much
cost and too many regulations for decades, and it has held back
growth.'
Internet link: GOV.UK IoD UKHospitality