Chancellor Rachel Reeves has summoned regulators to Downing Street today as part of the government’s plan to slash red tape.
At the meeting, Reeves will announce further detail on how the government will be cutting regulations, while setting out plans to slim down or abolish regulators.
“Today we are taking further action to free businesses from the shackles of regulation,” said the Chancellor.
“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 government has already announced plans to scrap the Payments Systems Regulator, and today Reeves is expected to say that the Regulator for Community Interest Companies will be folded into Companies House.
Eight watchdogs are set to attend the meeting, including the Financial Conduct Authority, the Prudential Regulation Authority, and the Health and Safety Executive.
Reeves is also expected to use the meeting to showcase 60 different measures Britain’s regulators are taking to boost economic growth, including fast-tracking new medicines and simplifying mortgage rules.
Red tape to be cut by Reeves
Other measures set to be announced today include reviewing the role of the Financial Ombudsman Service and environmental guidance given to planning authorities on protecting bats.
Meanwhile, the process for agreeing environmental permits will be simplified, with only one agency in charge of the system, while permits will be scrapped for low-risk and temporary projects.
Some of the changes are expected to speed up delivery of major infrastructure projects such as the Lower Thames Tunnel and the potential third runway at Heathrow.
“The UK’s Gordian knot of regulations hinders investment with compliance costs that are too high, leaving us trailing the international competition,” added CBI chief Rain Newton-Smith.
“Today’s announcement signals a shift towards a more proportionate, outcomes-based approach that should deliver more sustainable growth and investment.”