Recommendation 8

The Department told us that the UK is ranked highly in terms of regulatory policy and competitiveness by international bodies such as the OECD, the World Bank and the World Economic Forum (WEF). We heard that the Department seeks to learn from 5 Q 39 6 Q 40 7 Q 65 8 Q 39 9 Regulation for the Fourth Industrial Revolution, CP 111, June 2019. 10 Q 59 11 Written response from Ms Jaee Samant CBE to PAC Chair Meg Hillier, 22 June 2021. 12 Q 60 10 Principles of effective regulation international best practice, and it considers that the Danish Business Authority is very good and provides an interesting model, which provides a one stop-shop (bringing together a number of regulatory functions) for all types of business, particularly emerging technology businesses. The Department also co-chairs a WEF council on regulation that aims to work with other countries to try and ensure that regulation is sensible, proportionate, agile and is focused on emerging technologies.13 There is scope for the UK to continue to learn from other countries on how regulators could cooperate and collaborate more, particularly in the digital space where companies want to know what they should be aware of and who is responsible for regulation.14 Adapting to change