House of Commons · Written Ministerial Statement
Business Update
31 January 2022 · Department for Business, Energy and Industrial Strategy
Proposed by Kwasi Kwarteng Con Spelthorne
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The minister announces the publication of a summary of responses to the consultation on "Reforming the framework for better regulation"
- A future consultation will be launched in 2022 to set out measures for updating economic regulation models
- A policy paper on the future of economic regulation of water, energy, and telecoms is published today
Issue summary
The statement discusses reforms to the regulatory framework post-Brexit to modernize regulation, ease burdens on businesses, and promote competition.
Action requested
The minister announces the publication of a summary of responses to the consultation on 'Reforming the framework for better regulation' and the policy document 'The Benefits of Brexit'. Additionally, a future consultation will be launched in 2022 to set out measures for updating economic regulation models. A policy paper on the future of economic regulation of water, energy, and telecoms is also published today.
Key facts
- The consultation on 'Reforming the framework for better regulation' was jointly launched in July 2021.
- An overwhelming majority of responses to the consultation welcomed some degree of reform.
- A transitional year will be observed before implementing reforms, during which legislation changes to the Small Business, Enterprise and Employment Act 2015 will be made.
- The policy paper on economic regulation covers water, energy, and telecoms sectors.
- In 2022, a consultation will launch setting out measures for updating the UK model of economic regulation.