Treasury's growth-focused regulatory reform to target four key areas

Spencer Livermore, financial secretary at HM Treasury, and Jessica Glover, director general for growth and productivity, told the committee that the Treasury had identified the main steps it wants to take to meet its goal of increasing economic growth. The Treasury representatives identified plans to reduce the administrative burden the current regulatory system imposes on companies and individuals by 25%, saving roughly £5.3bn from a current estimated cost of over £21bn a year. Plans to steer regulators towards outcomes rather than just processes to promote growth, implement initiati...