Starmer throws down gauntlet to watchdogs to cut red tape and help kickstart economy
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Critics accused the prime minister of chasing a ‘regulatory race to the bottom’ and urged him to pursue closer ties with Europe instead. Sir Keir Starmer has thrown down the gauntlet to Britain’s top watchdogs and regulators – including those covering the energy sector – demanding they come up with ideas to boost investment to kickstart economic growth.
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The prime minister, alongside chancellor Rachel Reeves and business secretary Jonathan Reynolds, has written to more than 10 regulators ordering them to submit a range of pro-growth initiatives to Downing Street by the middle of January. The letter, sent on Christmas Eve to watchdogs covering energy (Ofgem), water (Ofwat), financial services (FCA) and competition (CMA), was unambiguous in directing regulators to prioritise growth and investment, according to one recipient. But critics accused the PM of chasing “a regulatory race to the bottom” and called for Sir Keir to pursue closer ties with Europe to boost growth instead.
Communications regulator Ofcom, the Environment Agency and healthcare regulators also received the letter, Sky News reported. The letter comes as part of a bid by Sir Keir, who has made economic growth his number one mission, to get Britain’s flatlining economy moving.
Shortly after taking power, the PM promised a bonfire of red tape to “rip out the bureaucracy that blocks investment”. Sir Keir also promised to order regulators to prioritise growth in their decision-making, laying the groundwork for the Christmas Eve edict.
