The future of regulation
Think tank: Centre for Policy Studies
Author(s): Robert Colvile; Tom Clougherty
April 23, 2024
This report from UK think tank the Centre for Policy Studies offers a number of proposals to shrink the regulatory burden.
Written by Tom Clougherty and Robert Colvile, this report is the first to offer a line-by-line analysis of the official impact assessments accompanying over 3,000 pieces of legislation.
Arguing that the UK’s regulatory system is not fit for purpose, the report shows that between 2010 and 2019, gross annual costs to business increased by £35 billion, along with £39.6 billion in one-off costs. Per year, on a net basis, regulatory costs to business increased by £6 billion in today’s money.
Endorsed by senior Conservative figures, the report offers a number of proposals to shrink the regulatory burden including the creation of a Regulatory Audit Office that would provide independent scrutiny of policy proposals, a tighter and more comprehensive regulatory budget, and the implementation of post-implementation reviews and sunset clauses.
