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The Institute of Directors has welcomed the government’s plan to shake-up regulation, calling it “a welcome shift to a more growth friendly approach”.
Dr. Roger Barker, director of policy at the Institute of Directors, says:
“Compliance with burdensome regulation is frequently cited by IoD members as one of the top factors having a negative effect on their businesses. Although well-designed and proportionate regulation has a valuable role to play in a modern economy, the current UK framework does not sufficiently prioritise growth and innovation. It is hence appropriate for the government to rebalance its approach with a pro-business orientation at its core.
“In our Spending Review submission in February, the IoD called on the government to reinstate a Business Impact Target for new regulation over the life of the Parliament. We are therefore delighted that the government has listened to this recommendation and is now committed to reducing the administrative costs of regulation on business by 25% through this Plan. Meaningful progress against this target will be crucial for supporting businesses and growing the economy.
Fast-tracking new medicines through a pilot to provide parallel authorisations from healthcare regulators
Reviewing the £100 cap on individual contactless payments
Simplifying mortgage lending rules to make it easier to re-mortgage with a new lender and reduce mortgage terms
Setting up a ‘concierge service’ to help international financial services firms navigate regulations
Civil Aviation Authority permitting at least two more large drone-flying trials for deliveries in the coming months – which the government said has already cut travel times for blood samples between hospitals from 30 minutes down to two minutes
