Context
The House of Lords IRC, chaired by Baroness Taylor of Bolton, has issued a call for evidence for its new inquiry into the relationship between regulators and economic growth, in light of the Government’s ambition for regulators to support investment and innovation and drive growth.
Key points to note and next actions
The Committee is seeking evidence from regulators, economists, academics, industry experts, consumers, campaigners and other relevant stakeholders on a number of questions, including:
- What is the role of regulators in supporting and promoting economic growth?
- What barriers, if any, are regulators putting in the way of economic growth?
- How are regulators expected to balance the growth duty with their other objectives?
- Is it possible to make regulatory processes quicker and cheaper while maintaining the same level of protection to the public and the environment?
- Do regulators have the resources they need to be able to adequately support growth and innovation in general, and through specific measures such as proposed “fast lanes”?
- Can regulators work together where needed, and do they act to avoid duplication or inconsistency in how they regulate?
- Are regulators using data, digital technology and artificial intelligence to improve their efficiency and productivity?
- How do UK regulatory systems compare to others internationally? Who should the UK look to for good practice in regulatory design and operation?