The first part of this paper sets out how we are reforming the better regulation framework to address the fact that too often historically we defaulted to regulation, with scrutiny of decisions to regulate left too late to materially change course. But this is not simply about cutting burdens to benefit business, we’re doing this because ensuring markets function properly will benefit each and every one of us as consumers and citizens of this country.

Or regulation can simply make people’s lives that little bit more difficult and annoying.īrexit affords us the opportunity to re-think how and when we regulate, from first principles: this includes ridding the statute book of unnecessary and burdensome retained EU laws through a process of revoke and reform, while also applying the same scrupulous lens to wider regulations that have accumulated over time so that they are fit for purpose and of benefit to the UK. Further, each of us as consumers lose out when such regulation blocks innovation and competition, increases prices or lowers the quality and choice of goods and services available. These costs are passed on to consumers in the form of higher prices. The result is that businesses face hundreds of new rules being imposed on them every year, and bear costs of familiarisation, legal advice and compliance. There is little doubt that governments too often reach for the lever of regulation first, when other ways to improve and safeguard outcomes are available. We do not consider regulation to be a dirty word, but it must be used only where necessary and be implemented in a way that provides the right foundations for our economy to thrive. And today we are building upon this by launching the first in a series of upcoming regulatory reform announcements, focusing on how we can improve regulation across the board to reduce burdens, push down the cost of living and drive economic growth. We have already taken advantage of many of the opportunities this has created, including: taking back control of law-making setting our own tariff regime via the UK Global Tariff, cutting tariffs to reduce prices for UK consumers ending free movement of people and taking back control of our borders by introducing a points-based immigration system and reforming the financial services regulations we inherited from the EU. Leaving the EU was a historic moment for this country, giving us for the first time in many decades the final say over the way we regulate.

When we tie businesses up in red tape we limit their ability to innovate and hamper our national growth prospects. The productivity of British businesses is the fundamental driver of our economic performance, and in turn the prosperity of every household.

Never leave me waters of time book 2