Drone delivery trials, fast-tracked medicines and higher contactless payment limits are being mooted as Rachel Reeves tries to boost growth.
The Chancellor has been meeting regulators in Downing Street this morning as she pushes to cut cost of red tape for businesses by a quarter.
She is announcing a menu of 60 measures intended to reduce bureaucracy and encourage growth.
Those attending include the Financial Conduct Authority, the Environment Agency, Natural England and the Health and Safety Executive.
Ms Reeves told the meeting there is ‘too much bureaucracy’.
‘You know that the number one mission of this Government is to grow the economy,’ she said.
Chancellor Rachel Reeves has been meeting regulators in Downing Street this morning as she pushes to cut cost of red tape for businesses by a quarter
‘There are a number of things over the last decade or so that have held back growth, and one of them – if we are honest and you know better than anyone – is the regulatory landscape.
‘Too much overlapping regulation, too much bureaucracy, too slow to get things done. It is something that myself and other ministers hear all the time.’
She said: ‘What we want to do going forward is to work more closely with you to unlock those things that are holding back investment.’
The talks came as Ms Reeves suffered a fresh blow with the OECD trimming UK growth expectations for his year and next as it warned of looming price rises from Donald Trump’s trade war.
Ministers are desperate to find savings ahead of the Spring Statement following data showing the economy shrank by 0.1 per cent in January.
Plans set to be unveiled include fast-tracking new medicines by making regulators work together, helping international financial firms navigate UK regulation and making it easier to deliver packages by drone.
Other measures include reviewing contactless payment limits, simplifying mortgage lender rules and helping start-ups to secure funding.
Ministers will also target planning. They say that, in the future, developers will be able to consult one environmental regulator rather than the scores they are forced to at the moment.
Ms Reeves said: ‘We are taking further action to free businesses from the shackles of regulation. By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.’
She has pledged a significant reduction in the number of regulators by the end of the parliament to reduce overlap and duplication.
It comes after NHS England – dubbed the world’s largest quango – was scrapped as part of efforts to cut costs and boost economic growth.
Those attending include the Financial Conduct Authority , the Environment Agency, Natural England and the Health and Safety Executive
Cabinet ministers will report back to Ms Reeves in the summer with further suggestions.
Ministers will also pledge to scrap another body – the Regulator for Community Interest Companies – which will become part of Companies House.
They will also cut the legal duties of financial services regulators, energy watchdog Ofgem, water regulator Ofwat and the Office of Road and Rail.
But claims that the plans will save ‘billions’ will ring hollow, with the Employment Rights Bill set to cost businesses £5 billion alone.
