According to a statement from His Majesty’s Treasury, the UK government is preparing to streamline regulations in an effort to reduce administrative costs for businesses by 25%. Chancellor Rachel Reeves will meet with regulators on Monday to outline the plan, which includes consolidating regulatory bodies, simplifying environmental rules for major projects, and cutting down on extensive guidance, such as requirements for bat habitat protection.
The reforms align with 60 agreed measures to improve the business environment, including accelerating the approval of new medicines and easing mortgage lending rules. The initiative follows Prime Minister Keir Starmer’s commitment to reform what he described as the UK’s “overcautious, flabby state,” including plans to dissolve certain regulatory bodies.
Labour’s strategy aims to stimulate economic growth after years of stagnation. However, recent polls indicate public scepticism, with 48% of Britons expressing dissatisfaction with the government’s performance and 49% believing its economic policies will have a negative impact. The UK economy shrank by 0.1% in early 2024, following slight growth in the preceding months.
