LONDON, March 17 (Reuters) - British Finance Minister Rachel Reeves is set to convene with financial, environmental, and health regulators on Monday to introduce an "action plan" aimed at streamlining regulations by reducing the number of overseeing bodies in sectors vital to driving economic growth.
Following Prime Minister Keir Starmer's recent announcement that the government overseeing England's state-funded health system would cut bureaucracy, Reeves will commit to reducing the administrative cost of business regulations by 25%.
"We are taking additional measures today to liberate businesses from regulatory burdens," Reeves stated.
"Through cutting red tape and establishing a more efficient system, we will encourage investment, stimulate job creation, and increase the disposable income of working individuals."
In light of economic challenges, Starmer and Reeves seek to identify cost savings and explore innovative approaches to revitalize slow economic growth.
During Monday's meeting with eight regulators, including those in financial services, energy, and water, Reeves will announce a review of environmental regulations to eliminate delays in infrastructure projects caused by demands like protecting bat habitats.
The Finance Ministry disclosed plans to collaborate with major regulators, such as Ofgem and Ofwat, to streamline their legal obligations “to avoid unnecessary time spent fulfilling redundant duties.”
Additionally, the new framework is designed to assist businesses in fostering innovation through the Regulatory Innovation Office, which is exploring ways to expedite the introduction of new technologies to the market.