The UK’s Chancellor of the Exchequer, Rachel Reeves, recently met with a group of eight industry regulators to discuss the future of economic growth in the nation.
The chancellor has said that her upcoming economic policies will focus on cutting regulation costs inclusive of subsequent environmental measures, as well as removing some bodies entirely, such as NHS England. It was also recently announced that the Regulator for Community Interest Companies will be incorporated into Companies House.
In response to pressure from political rivals, the Labour government has vowed to create a more effective system that will boost investment, create jobs and put more money into working people’s pockets.
Following the recent meeting, industry regulators will now be required to meet twice a year to review performance regarding growth. Treasury officials have declared that key performance indicators (KPIs) from these regulators must be submitted by June.
For businesses, the UK’s economy has been stunted by “layering upon layering of regulation”, according to the Economic Secretary to the Treasury. Thus, the Chancellor’s plan to streamline by the end of office is designed with the intention of enabling business to focus on growth. For example, the new system under the Regulatory Innovation Office, will set out to aid innovation for UK business, particularly with regard to the quick adoption of new technologies.
At AJL Finance, we have growth at the forefront of our business, so whether it is loans for nursing homes or hospitality business loans, we want to help boost you further into the UK’s push for economic growth.
