Chancellor sets out to cut regulatory red tape

THE Chancellor met regulator bosses in Downing Street yesterday as she unveiled an action plan to deliver on the pledge to cut the administrative cost of regulation.

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The government said the shake-up will boost infrastructure building and save businesses billions as regulators are axed and core legal duties are streamlined.

A streamlined process for environmental regulations will be put in place for major projects. Measures could also fast-track new medicines to market and pave the way for package deliveries by drone.

The Financial Conduct Authority will review contactless payment limits, including the £100 cap, while the Financial Conduct Authority simplifies mortgage lending rules.

Chancellor Rachel Reeves said: “The world is changing and that’s why we must go further and faster to deliver on our Plan for Change to kickstart economic growth.