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Smarter Regulation Programme Update
16 May 2024
Type
Written Ministerial Statement
Department
Department for Business and Trade
At a Glance
Issue Summary
The minister updates on the progress of the Smarter Regulation Programme, which aims to reduce regulatory burdens and drive economic growth.
Action Requested
The minister announces reforms including changes to corporate reporting thresholds for medium-sized companies, consultations on TUPE regulations, and a White Paper proposing a paradigm shift in UK regulatory culture to encourage innovation and investment while maintaining necessary protections.
Key Facts
- Smarter Regulation Programme established one year ago.
- Estimated reduction of £1 billion burden on business by up to 50 million hours per year.
- Estimated overall benefits to society at £6.3 billion.
- Consultation on raising corporate reporting threshold from 250 to 500 employees for medium-sized companies, reclassifying 2,000 companies and exempting 41,000-43,000 medium-sized companies from strategic report production.
- Estimated savings of £150 million per year for SMEs.
- White Paper aims to instil a culture of ‘world-class service’ in regulation.
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