UK Government Announces Major Regulatory Overhaul to Boost Economic Growth

Chancellor Rachel Reeves outlines plans to cut regulatory costs by 25%, reform quangos, and streamline processes to address economic stagnation.

The UK Government aims to reduce regulatory costs for businesses by 25% by the end of the current parliament through process streamlining and eliminating duplication.
Planned reforms include merging the Payment Systems Regulator into the Financial Conduct Authority and folding other regulatory bodies into broader agencies to improve efficiency.
Key measures proposed include simplifying environmental permitting, reviewing mortgage rules, and increasing flexibility in contactless payment limits to enhance consumer convenience.
The Government intends to accelerate major infrastructure projects, such as the Lower Thames Tunnel and Heathrow's third runway, by easing environmental and planning regulations for low-risk activities.
Critics argue the reforms risk weakening environmental protections and fail to address deeper economic issues, while supporters cite potential for sustainable growth and investment.