Regulators are set to meet Chancellor Rachel Reeves at Downing Street today as the government moves to reduce bureaucracy and cut regulatory costs for businesses by 25%. The government will announce measures to streamline environmental permitting and remove restrictions blamed for delaying housing and infrastructure projects, alongside 60 regulator-backed initiatives aimed at boosting economic growth.
This comes as part of a broader effort to overhaul the regulatory landscape, following Prime Minister Sir Keir Starmer’s announcement last week that NHS England will be abolished. The government has also confirmed plans to merge the Payment Systems Regulator into the Financial Conduct Authority and fold the Regulator for Community Interest Companies into Companies House. Reeves has promised further reductions in the number of regulatory bodies by the end of Parliament.
Among those attending the meeting are representatives from eight key regulators, including Natural England and the Environment Agency. Reeves stated that by cutting red tape and creating a more efficient system, the government aims to boost investment, create jobs, and put more money into people’s pockets. The government emphasised that regulators must “work for the people… not get in the way of progress.”
Planned changes include streamlining the approval process for major projects such as the Lower Thames Crossing and potential future developments like a Heathrow expansion. Environmental guidance, including extensive rules on bats, will be reviewed, and permitting requirements for low-risk projects will be eased.
The government’s new pro-business measures also include fast-tracking new medicines through a pilot programme with healthcare regulators, reviewing the £100 cap on contactless payments, simplifying mortgage lending rules, creating a ‘concierge service’ for international financial firms, and expanding drone trials for medical deliveries.
The Conservative Party has criticised Labour, arguing that increased taxes and trade union regulations are stifling economic growth. Shadow Chancellor Mel Stride has called on Reeves to present a clear strategy in her emergency budget, set to take place in nine days.
Health Secretary Wes Streeting has suggested further cuts to regulatory bodies could follow, stating that the abolition of NHS England is “the beginning, not the end” of efforts to streamline government agencies. As the government moves forward with its plans, businesses and industry leaders will be watching closely to see how these regulatory changes impact the economy.
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