Rachel Reeves addressed UK regulators at Downing Street, expressing the government's commitment to reducing bureaucracy as essential for economic growth. She highlighted the overlap in regulations as a barrier to progress. Following Keir Starmer’s decision to abolish NHS England, Reeves aims to eliminate further regulatory duplication and intends to reduce overall regulatory costs by 25%. Additional plans include folding various regulatory bodies into larger organizations and requiring ministers to propose further bodies for abolition, with 60 measures expected to be introduced to enhance economic efficiency and reduce costs.
The number-one mission of this government is to grow the economy. Overlapping regulation and too much bureaucracy have held back growth.
Regulators are expected to report back with suggestions to cut down the number of bodies and streamline processes to reduce costs.
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