Does the UK Have Too Many Regulators?

In a recent speech, UK Business Secretary Jonathan Reynolds suggested that the UK may have too many regulators, hinting that the Government is considering a broader reorganization of the country's regulatory framework, as reported by the Financial Times.

“We have to ask the question: have we got the right number of regulators?" Reynolds said. His comments came as the government released its draft strategic steer for the Competition and Markets Authority (CMA). The steer set clear priorities for the CMA to support UK investment, boost growth, and “minimize uncertainty for business.” It instructed the CMA to consider the actions of other regulators globally and ensure that parallel measures are timely, coherent, and avoid duplication.

The CMA, which has faced significant government scrutiny in recent months, is under pressure to be more agile and to support economic growth. "This isn’t about meaningless platitudes, about the cutting of red tape,” Reynolds said. “It’s about effective consumer protection, competition law and additional modern powers, so that we create a level playing field for businesses.”