Chancellor Rachel Reeves is set to meet with a number of UK regulators to push for a reduction in red tape in order to support her drive for increased economic growth. Chancellor Reeves argues that streamlining regulatory processes will save businesses billions by cutting costly delays and disputes and that regulators must adopt a more efficient decision-making approach.
Her plans will provide further details on the government's aim to reduce regulatory costs by a quarter, including potential changes to the structure and existence of regulatory bodies. Reeves claims that such actions will "free businesses from the shackles of regulation," boosting investment, creating jobs, and increasing worker's incomes. Reeves will meet with representatives from eight regulators, including the Financial Conduct Authority, Prudential Regulation Authority, Environment Agency, Natural England, medicines regulator, and the Information Commissioner's Office (ICO).
Following the roundtable event, the ICO published a blog article and a package of measures intended to unlock further growth.
The measures include:
- Launching an expanded data protection training initiative for smaller businesses,
- Introducing an experimentation regime that builds on its existing Regulatory Sandbox and Innovation Advice services to enable businesses to trial innovative new data-driven solutions in a controlled environment,
- Publishing a new code of practice for private and public sector businesses developing or deploying AI technologies,
- Conducting a review of privacy-friendly online advertising solutions and consent requirements under the Privacy and Electronic Communications Regulations (PECR),
- Issuing new guidance on international transfers of data.
In a statement, Information Commissioner John Edwards said: "Personal data powers our economy, from retail to hospitality to healthcare. Unlocking the potential of this data is key to encouraging economic growth and investment – as long as the public can trust it will be appropriately protected.
"There's a responsibility on all regulators to create an environment where businesses can flourish, particularly for the ICO as a whole economy regulator.
"We've already helped tens of thousands of businesses and we're providing the regulatory certainty and support that they need to safely innovate."
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