Answer from Hansard

The Secretary of State for Business and Trade (Peter Kyle)

The growth emergency we inherited from the previous Government demands a proportionate response. That means an unrelenting focus on pro-business policies. It means harnessing investment in our high growth sectors and tirelessly implementing our modern industrial strategy. It means shaking up our entire regulatory system. The Department for Business and Trade is stripping out the rules, regulations and red tape that are holding business back. We are helping reduce the regulatory burden by 25%, cutting out 200 hours of needless paperwork for companies so far. We are simplifying rules around company reporting, saving firms £230 million. We are bringing in a strengthened growth duty for regulators and launching a new performance dashboard, injecting agility into our regulatory regime. Where regulators are doubling up, we are streamlining them. We are abolishing the British Hallmarking Council, transferring functions to the Department. This is a new ministerial team acting with urgency. We are using every lever we have to grow the economy and to deliver for this Government’s plan for change.