For the first time in a generation, the UK has the freedom to make and implement rules that put British businesses and consumers first – freeing businesses from overbearing bureaucracy and reducing costs for consumers, whilst boosting competition, innovation and growth across the economy …
This includes looking at ways to dispense with unnecessary red tape that no longer meets the UK’s needs, including those the UK inherited when it was a former member of the EU – for example reintroducing a way to ‘offset’ new regulations, like the one-in-two-out method whereby to introduce a new regulation, unnecessary regulations would need to be removed.
To enable innovative companies to trial groundbreaking ideas safely, the government could also look to make more use and impact of ‘sandboxes’, where certain regulations are lifted to test new products in a real-world setting, under the regulator’s supervision – this was another reform recommended by TIGRR.
Another TIGRR proposal to move away from the EU’s excessive use of the ‘precautionary principle’ inherited in the UK and adopt a ‘proportionality principle’ in our regulatory framework has been set out. This would mean regulation is reset to focus on outcomes, not process, and be proportionate to the issues and impacts on businesses and people.