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Enterprise & productivity
Effective and well-focused regulation can play a vital role in correcting market failures, promoting fairness and increasing competition. However, the Government recognises that inefficient regulation, or blanket enforcement, imposes a significant and unnecessary burden on business, which should be minimised.
The Government is therefore undertaking the most radical and serious systemic reform of Britain's regulatory system in recent history. It will deliver genuine reductions in the burden upon businesses while continuing to deliver necessary regulatory outcomes.
Substantial progress has already been made, but the Government recognises that there is more to do to keep the UK at the forefront of regulatory reform. Therefore we are taking significant steps to identify and respond to businesses' concerns, and to implement the May 2005 Better Regulation Action Plan which delivers the recommendations set out in the Hampton Review, Reducing administrative burdens: effective inspection and enforcement and Arculus report, Regulation - Less is more (Better Regulation Commission website).
The Treasury continues work to simplify existing regulations and promote a risk based approach to regulation in areas where the Treasury is directly responsible.
The Treasury and OGC have measured and set a 25% target for reducing the administrative burdens their regulations place on business and charities. The Treasury and OGC have also published a rolling programme of simplification measures to reform and remove existing regulation.
The Treasury is always keen to engage with business and other stakeholders to understand their areas of concern. There are a variety of ways in which the Treasury are engaging with business stakeholders and their industry bodies including the Better Regulation website simplification mailbox, where businesses, public sector individuals and organisations, charities and the voluntary sector can submit a suggestion as to where a regulation could be simplified.