Labour Unveils ‘Radical’ Regulatory Overhaul to Boost Investment

Reforms to regulatory landscape aim to boost Britain’s global competitive leadership.

Chancellor of the Exchequer Rachel Reeves during a press conference following her statement to the House of Commons on the findings of the Treasury audit into the state of the public finances in London, on July 29, 2024. Lucy North/PA Wire

The government has announced a “radical” overhaul of UK industry regulation, to include scrapping some regulators, easing some environmental planning restrictions and streamlining funding applications for entrepreneurs.

Currently there are over 100 regulatory bodies in the UK. Official data shows that in 2023-2024, 17 regulators has a gross annual expenditure of £5.4 billion.