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Business reporters Charlotte Edwards and Esyllt Carr will be meeting with Chancellor Rachel Reeves on Monday, as part of the government’s efforts to reduce bureaucracy and lower the cost of regulation for businesses by 25%. The government is set to announce initiatives to streamline environmental permits, cut red tape hindering new housing and infrastructure projects, and reveal 60 measures agreed upon by regulators to stimulate economic growth.
In parallel to these actions, the government plans to eliminate or downsize some regulatory bodies, following Prime Minister Sir Keir Starmer’s announcement last week regarding the abolition of NHS England. Conservatives have criticized Labour, arguing that their taxes and union red tape policies are impeding economic growth, urging Reeves to present a concrete plan for progress.
Eight regulators, including Natural England and the Environment Agency, are scheduled to convene with the chancellor on Monday. Reeves emphasized the importance of freeing businesses from regulatory constraints, aiming to boost investment, create jobs, and increase income for workers. The decision to abolish NHS England last week reflects the government’s commitment to ensure regulators work in the interest of the people and do not obstruct development.
Anticipated changes include simplifying the environmental regulatory process for major projects like the Lower Thames Crossing and future endeavors such as a potential Heathrow expansion. Additionally, environmental guidance, particularly concerning bats, will be reviewed, and permits for low-risk temporary projects will be revoked. The government is expected to announce 60 measures devised through negotiations with regulators, aimed at enhancing the ease of doing business in the UK.
These measures encompass a range of initiatives, such as expediting new medicine approvals, re-evaluating contactless payment limits, simplifying mortgage lending rules, establishing a concierge service for international financial firms, and facilitating more drone-flying trials for deliveries. Reeves is committed to reducing the number of regulators significantly by the end of the Parliament, aligning with the government’s pro-business direction to alleviate the burden of excessive regulation cited by businesses as a hindrance to their operations
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