Recommendation 15

HM Treasury told us that it considered simplification and streamlining of engagement to be “incredibly important” and cited examples of what government was doing to improve the experiences of businesses.33 The Cunliffe review instigated the ongoing creation of a new single water regulator and the Corry review recommended a “lead regulator model” on major projects.34 Defra has since appointed Natural England as the lead environmental regulator on the Lower Thames crossing and the Environment Agency as lead environmental regulator for the East West Rail project to pilot this model.35 Many of the functions of the Environment Agency and Natural England overlap; both have major roles in planning and infrastructure, and they examine the same plans and deal with similar prosecutions. HM Treasury also drew the Committee’s attention to the recommendation for a lead nuclear regulator by the Nuclear Regulation Taskforce, in response to the Fingleton review, which has been accepted by government.36 In financial services, the Payment Systems Regulator has now been merged into the Financial Conduct Authority, as announced in the Action Plan.37 30 Cascade Consulting (RFG0004): Association for Project Management (RFG0010); Utilita Energy (RFG0013); UK Private Capital (RFG0018) 31 Q 34 32 C&AG’s Report, Regulating for investment and outcomes in the water sector, Session 2024–2025, HC 853, April 2025, paras 2.4 and 2.12 33 Q 34 34 Defra, Delivering economic growth and nature recovery: an independent review of Defra’s regulatory landscape, 2 April 2025; Independent Water Commission, Review of the water sector, 21 July 2025 35 Defra, Environmental reforms to break planning system gridlock, 19 August 2025; HMG, Regulation reset to fast-track homes, transport and clean energy, 12 March 2026 36 Q 40 37 Q 31; HMT, New approach to ensure regulators and regulation support growth, 17 March 2025 (updated 21 October 2025) 10 2 Delivering the regulatory Action Plan Identifying savings to support