Chancellor starts bonfire of regulations in a fresh effort to ignite economic growth

Chancellor Rachel Reeves is preparing to axe a significant number of regulators, as the government continues its war on red tape.

- MILLIE COOKE

The move is part of an attempt to kickstart economic growth and “free businesses from the shackles of regulation”, the chancellor said.

Regulators have been summoned to Downing Street today for a meeting with Ms Reeves, where she is expected to announce more detail on how the government will cut the cost of regulation by a quarter and set out plans to slim down or abolish the bodies themselves.

The meeting follows the announcement last week that NHS England – dubbed the world’s largest quango – would be scrapped as part of efforts to cut costs and boost economic growth.

Ms Reeves said: “Today we are taking further action to free businesses from the shackles of regulation. By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”