HM Treasury has published an action plan to streamline and simplify UK regulation and ensure it serves to enable rather than prohibit economic growth. The three-point plan aims to tackle the complexity and burden of regulation, reduce uncertainty across the regulatory system, and to challenge and shift excessive regulatory risk aversion.

Announcing its plans, HM Treasury cited figures that the impact of excessing regulatory red tape was as high as 4% of gross domestic product.

It stated: “We cannot let this continue. Now is the time for reform: to ensure the UK regains its global competitive leadership. We need to go further and faster to secure and sustain growth, supporting the objectives of our new Industrial Strategy and the wider growth mission.”

Welcoming the news, Caroline Wagstaff, CEO of the London Market Group, said: “The London Market Group has consistently lobbied for a bespoke concierge service, more efficient regulatory processes, including metrics, and mechanisms to drive improvement.

“These steps, announced by HM Treasury today, are strong responses to those asks, and critical in helping London remain the global centre for risk transfer. We are particularly pleased that the Treasury sees a key role for industry in driving the accountability of regulators in delivering this change. We look forward to the rapid implementation of all of the proposals.”