3rd Report - Time is money: How regulators can support growth

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.

Read the government's response ↗ Report an error