{"id":681,"date":"2025-03-17T09:13:20","date_gmt":"2025-03-17T09:13:20","guid":{"rendered":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/2025\/03\/17\/rachel-reeves-to-unveil-action-plan-to-cut-regulation-trump-says-reciprocal-and-sectoral-tariffs-coming-on-2-april-business-live-the-guardian\/"},"modified":"2025-03-17T09:13:20","modified_gmt":"2025-03-17T09:13:20","slug":"rachel-reeves-to-unveil-action-plan-to-cut-regulation-trump-says-reciprocal-and-sectoral-tariffs-coming-on-2-april-business-live-the-guardian","status":"publish","type":"post","link":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/2025\/03\/17\/rachel-reeves-to-unveil-action-plan-to-cut-regulation-trump-says-reciprocal-and-sectoral-tariffs-coming-on-2-april-business-live-the-guardian\/","title":{"rendered":"Rachel Reeves to unveil action plan to cut regulation; Trump says reciprocal and sectoral tariffs coming on 2 April \u2013 business live – The Guardian"},"content":{"rendered":"
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Introduction: Reeves to meet regulators in drive to cut red tape<\/h2>\n<\/header>\n

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.<\/strong><\/p>\n

The UK government has the regulators in its sights as it tries to squeeze more growth out of the economy.<\/p>\n

Chancellor Rachel<\/strong> Reeves<\/strong> is to meet with representatives from financial, environmental and health regulators today, in a push to cut bureaucracy and lower the cost of regulation for business.<\/p>\n

She\u2019s expected to unveil an \u201caction plan\u201d to cut red tape by reducing the number of bodies which oversee sectors of the economy that are crucial to boosting growth.<\/p>\n

Speaking ahead of the meeting, the chancellor says:<\/p>\n

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<\/svg>\u201cToday we are taking further action to free businesses from the shackles of regulation.<\/p>\n

\u201cBy cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people\u2019s pockets.\u201d<\/p>\n<\/blockquote>\n

The meeting will be attended by the Financial Conduct Authority, Prudential Regulation Authority, the Environment Agency, Natural England, the medicines regulator and the Information Commissioners\u2019 Office.<\/p>\n

Between them, these regulators look to protect consumers, businesses, patients and the environment \u2013 but ministers seem determined to prevent them clogging up the economy.<\/p>\n

The government\u2019s message, as it surveys an economy that shrank slightly in January<\/a>, is that \u201cregulators must work for the people…not get in the way of progress\u201d.<\/p>\n

On the environmental side, the government hopes to stop infrastructure projects being delayed by protection demands \u2013 an issue highlighted recently by the \u00a3100m bat shelter built for the HS2 trainline<\/a>.<\/p>\n

The Treasury also plan to slim down the legal duties of regulators, such as those in financial services, energy watchdog Ofgem and water regulator Ofwat, \u201cso that they do not waste time satisfying redundant duties\u201d.<\/p>\n

One body, The Payment Systems Regulator, has already felt Reeves\u2019 axe \u2013 its abolition was announced last week<\/a>.<\/p>\n

Rain Newton-Smith<\/strong>, chief executive of the Confederation<\/strong> of<\/strong> British<\/strong> Industry<\/strong>, said the UK\u2019s \u201cGordian knot of regulations\u201d hindered investment with compliance costs that were too high \u201cleaving us trailing the international competition\u201d.<\/p>\n

She said:<\/p>\n

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<\/svg>\u201cToday\u2019s announcement signals a shift towards a more proportionate, outcomes-based approach that should deliver more sustainable growth and investment.\u201d<\/p>\n<\/blockquote>\n
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The agenda<\/h2>\n