New Duty to Drive Business Growth
The UK Government, led by Business Secretary Peter Kyle, has introduced a robust new duty for regulators to prioritize economic growth. This initiative aims to foster a business-friendly environment by encouraging proportionate regulation that supports investment and innovation while maintaining essential protections. The announcement will be made at the Regional Investment Summit in Birmingham on October 21, 2025.
Enhanced Transparency with Public Dashboard
A new public dashboard on Gov.uk will be launched to improve accountability and transparency. Updated quarterly, it will consolidate performance data from key regulators, allowing businesses to review their effectiveness and provide direct feedback to the government. This tool aims to ensure regulators are responsive and aligned with the goal of economic growth.
Image Source: Department for Business and Trade, Gov.uk
Independent Reviews and Regulatory Council
Independent reviews of major regulators will be conducted to identify improvements and ensure alignment with the government’s growth objectives. Additionally, a new Regulator Council will see Business Secretary Peter Kyle and ministers meet with leaders of regulatory bodies like Ofcom, Ofgem, and the Competition and Markets Authority (CMA) to align strategies for supporting economic growth.
Collaboration with CMA and Regulatory Action Plan
The government is working with the CMA to adopt a more pro-growth approach, including a strategic steer to enhance business confidence in UK investments. Further measures under the Regulatory Action Plan, developed with the Treasury and Department for Business and Trade, will be announced to reduce bureaucratic burdens on businesses.
Business Secretary’s Vision
Peter Kyle emphasized the importance of balanced regulation: “We will use every lever to grow the UK economy, boost business, create jobs, and fund public services. By removing unnecessary rules and paperwork, we will free businesses to grow while ensuring vital protections are enforced.” These reforms are part of the government’s broader Plan for Change to drive economic prosperity.
Keyword: Economic Growth
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