3rd Report - Time is money: How regulators can support growth
- HC No.
- Not recorded
- Published
- 12 May 2026
- Items
- 0
- Government response
- Government response published 14 July 2026 (deadline 12 July 2026). Read the government's response ↗
Select committee: Industry and Regulators Committee
Regulators and growth
Open
Opened 7 Oct 2025
Industry and Regulators Committee Inquiry on parliament.uk ↗
Where it stands
The inquiry is open, opened 7 October 2025.
The committee has published 1 report, most recently 3rd Report - Time is money: How regulators can support growth on 12 May 2026.
The government's response
Published 14 July 2026. The deadline was 12 July 2026.
Summary written by Accountability Index from the government's response. It is not the government's own words.The government says it has considered each of the Committee's conclusions and recommendations and responded in full, setting out plans to strengthen the Growth Duty through a Regulating for Growth Bill and to continue its Regulation for Growth programme.
- On the Growth Duty, the government says it plans to strengthen it via the Regulating for Growth Bill so that named regulators are required to "actively promote economic growth alongside their core responsibilities", supported by statutory ministerial steers and reporting requirements.
- On sandboxes and flexibility, the Bill will introduce "new cross-economy powers" for statutory sandboxes, allowing temporary modification or disapplication of legislation under "strictly controlled conditions", with changes made permanent where pilots are successful and safe.
- On fast lanes, the government notes the Committee's point that generic fast lanes "can be found to distort the market and disadvantage SMEs", and says they should be "one lever of reform" used "only where appropriate".
- On regulator accountability, it says it "strongly agrees" that government and Parliament must hold regulators to account, and says it has published a Regulator Sponsorship Charter. It says it has identified £2 billion in net annual administrative savings towards the £5.6 billion target.
Reports
All reportsEvidence
- 13 oral evidence sessionsLatest 17 March 2026
- 29 witnesses
Recent activity
- Government Response to the Committee's report on Time is Money How Regulators Can Support Growth 8 July 202614 July 2026, Report published
- 3rd Report - Time is money: How regulators can support growth12 May 2026, Report published
- Letter to Chair from Lord Livermore, Financial Secretary to the Treasury 30 March 202614 April 2026, Correspondence
Reports
Oral evidence sessions
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| Date | Session and witnesses | Source |
|---|---|---|
| 17 Mar 2026 |
Oral evidence session
Jessica Glover · HM Treasury,
The Lord Livermore · HM Treasury
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| 24 Feb 2026 |
Oral evidence session
Blair McDougall MP · Department for Business and Trade,
David Lunn · Department of Business and Trade
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| 10 Feb 2026 |
Oral evidence session
Lord Willetts · Regulatory Innovation Office
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| 3 Feb 2026 |
Oral evidence session
Dan Corry OBE · Department for Environment, Food and Rural Affairs,
John Fingleton CBE · Fingleton,
Rebecca Shrubsole · Department for Environment, Food and Rural Affairs
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| 27 Jan 2026 |
Oral evidence session
Dame Melanie Dawes DCB · Ofcom,
Lawrence Tallon · Medicines and Healthcare products Regulatory Agency (MHRA),
Sarah Cardell · Competition and Markets Authority (CMA)
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| 20 Jan 2026 |
Oral evidence session
John Edwards · Information Commissioner's Office,
Katie Pettifer · Food Standards Agency (FSA)
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| 13 Jan 2026 |
Oral evidence session
Annie Conde · Hoxton Farms,
Mark Thurston · Anglian Water
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| 6 Jan 2026 |
Oral evidence session
Caroline Allen · Smith and Nephew,
Dr Scott Steedman CBE · British Standards Institution (BSI),
Georgina Fleet · Zurich UK
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| 16 Dec 2025 |
Oral evidence session
Antony Shimmin · MyCardium AI,
Maria Tjader · Schneider Electric,
Rachel Fletcher · Octopus Energy
|
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| 9 Dec 2025 |
Oral evidence session
Robert Colvile · Centre for Policy Studies,
Sam Dumitriu · Britain Remade
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| 18 Nov 2025 |
Oral evidence session
Dan Elliot · Frontier Economics,
Simon Wilde · Oxera
|
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| 11 Nov 2025 |
Oral evidence session
Anne Pardoe · Citizens Advice,
Ben Ramanauskas · Policy Exchange
|
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| 4 Nov 2025 |
Oral evidence session
Dame Julia Black · Oxford University,
Professor Sean Ennis · Centre for Competition Policy
|
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Who gave evidence
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| Witness | Organisation | Sessions |
|---|---|---|
| Anne Pardoe · Head of Policy | Citizens Advice | 1 |
| Annie Conde · Chief of Staff | Hoxton Farms | 1 |
| Antony Shimmin · Chief Operating Officer | MyCardium AI | 1 |
| Ben Ramanauskas · Senior Research Fellow | Policy Exchange | 1 |
| Blair McDougall MP · Minister for Small Business and Economic Transformation | Department for Business and Trade | 1 |
| Caroline Allen · Senior Vice President for Regulatory Affairs | Smith and Nephew | 1 |
| Dame Julia Black · Professor of Law and Regulation | Oxford University | 1 |
| Dame Melanie Dawes DCB · Chief Executive | Ofcom | 1 |
| Dan Corry OBE · Non-Executive Director | Department for Environment, Food and Rural Affairs | 1 |
| Dan Elliot · Founder and Director | Frontier Economics | 1 |
| David Lunn · Director, Regulation Directorate | Department of Business and Trade | 1 |
| Dr Scott Steedman CBE · Director of Standards | British Standards Institution (BSI) | 1 |
| Georgina Fleet · Chief Compliance Officer | Zurich UK | 1 |
| Jessica Glover · Director General, Growth and Productivity | HM Treasury | 1 |
| John Edwards · Information Commissioner | Information Commissioner's Office | 1 |
| John Fingleton CBE · Chair | Fingleton | 1 |
| Katie Pettifer · Chief Executive | Food Standards Agency (FSA) | 1 |
| Lawrence Tallon · CEO | Medicines and Healthcare products Regulatory Agency (MHRA) | 1 |
| Lord Willetts · Chair | Regulatory Innovation Office | 1 |
| Maria Tjader · Head of Government Affairs | Schneider Electric | 1 |
| Mark Thurston · Chief Executive Officer | Anglian Water | 1 |
| Professor Sean Ennis · Director | Centre for Competition Policy | 1 |
| Rachel Fletcher · Director of Regulation and Economics | Octopus Energy | 1 |
| Rebecca Shrubsole · Director for Ministerial, Growth & Resilience | Department for Environment, Food and Rural Affairs | 1 |
| Robert Colvile · Director | Centre for Policy Studies | 1 |
| Sam Dumitriu · Head of Policy | Britain Remade | 1 |
| Sarah Cardell · Chief Executive | Competition and Markets Authority (CMA) | 1 |
| Simon Wilde · Partner | Oxera | 1 |
| The Lord Livermore · Financial Secretary to the Treasury | HM Treasury | 1 |
Correspondence
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| Published | Direction | Letter |
|---|---|---|
| 14 Apr 2026 | From committee | Letter to Chair from Lord Livermore, Financial Secretary to the Treasury 30 March 2026 |
| 18 Mar 2026 | To committee | Letter from TUC to Blair McDougall and Baroness Hayter - Industry and Regulators Committee - 9th March 2026 |
| 16 Mar 2026 | To committee | Letter from Blair McDougall MP, Minister for Small Businesses and Economic Transformation to the Chair of the Industry and Regulator Committee, 10 March 2026 re Regulators and Growth follow-up |
| 10 Feb 2026 | From committee | Letter to the Chair from Dr Joanna Cloy, Senior Project Manager, Fidra, 16 January 2026 |
Meetings & visits
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| Date | Type | Detail | Source |
|---|---|---|---|
| 21 Oct 2025 | Formal meeting (private meeting) | Not recorded · Room 1, Palace of Westminster |