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The Government has exceeded its target to identify 3,000 regulations to be amended or scrapped

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Via Number 10, Supporting business: David Cameron announces new plans: In a speech to the Federation of Small Businesses, the Prime Minister will tell the audience that the government has exceeded its target to identify 3,000 regulations to be amended or scrapped. This is the first government in modern history to reduce overall domestic regulation for business while in office. 800 regulations have already been abolished or simplified – with tens of thousands of pages of red tape still to face the […]

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Draft Deregulation Bill to save millions each year

The Government recently published its draft Deregulation Bill to remove unnecessary bureaucracy. It will amend 182 different pieces of legislation and should make savings for public bodies, businesses and individuals worth a minimum of £62 million per year. This is paltry compared to the £4 billion budget of relevant regulators, but I suppose it is better than progress in the other direction. The Bill will: Free business from red tape, including by: Scrapping health & safety rules for self-employed workers in low […]

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Margaret Thatcher nationalised regulation of the City

For City AM, Prof Philip Booth writes, Thatcher changed the City forever but Big Bang isn’t the whole story: Let’s be absolutely clear: in general, the 1980s was not a period of financial deregulation. Insider trading was made illegal in 1980. The life insurance industry, which had been almost free of regulation for over 100 years from 1870, was re-regulated from 1980 to 1982. Bank deposit insurance was introduced in 1979. The sale of investment and insurance products came under […]

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Help cut business regulation

As a way of supporting The Red Tape Challenge, the Government has created a new campaign called Focus on Enforcement. It will focus on working to ensure that we do not gold plate EU law and that we avoid British business being disadvantaged in relation to EU competitors. The Government want you to tell them about your experiences, both good and bad, in the area of business regulation. The best ideas and suggestions for review will be chosen for further investigation. In […]

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The Government has more work to do against regulation

The British Chambers of Commerce has published a report showing that the Coalition still has a long way to go to tame the state’s mania for excessive regulation. Red Tape Challenged? reveals that 42% of new regulations are not covered by the Coalition’s One-In, One-out (OIOO) rule for regulations. This is because they concern tax or the environment or come from the European Union. Such a high figure – if it continues – will make a mockery of the Coalition’s aim to be the first administration to […]

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ConservativeHome’s Platform: Steve Baker MP: These disappointing GDP figures give us three choices – denial, despair or deregulation

Back in July, I argued that because most contemporary economists lack an adequate theory of capital – that is, of the structure of relative prices and how they change through time – their policy advice is bound to cause worse problems later.  Quantitative Easing and further credit expansion through artificially low interest rates were our policy choices but, as Hayek explained in his Nobel lecture, injecting new money creates patterns of economic activity which last only as long as the […]

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How to transform a nation in ten steps

Brought forward. I was challenged last night to advocate flat taxes. Here’s one of my previous posts which does so. Another is here (you will have to forgive the oversize graphs). The Georgian recipe for “an amazing transformation”: Low and flat taxes Legislative commitment to reducing the government’s fiscal footprint (IE spend less!) Deregulation and cutting red tape And thereby suppressing corruption Unilateral free trade: no import tariffs or barriers of any kind Very flexible labour legislation No sector or […]

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