Rachel Reeves axes arbitrary rules costing firms £6 billion ahead of Budget - as she gave a speech at the Regional Investment Summit in Birmingham on October 21
00:00I believe that a strategic state must know when to intervene, but it also must know when to get out of the way.
00:09We cannot expect businesses like yours to flourish and grow if we're not willing to do our bit as your government.
00:16In March this year, the Prime Minister pledged that we would cut the administrative costs of regulation by 25%.
00:23A reduction that I can today announce will save businesses £6 billion a year by the end of this parliament.
00:30And today we're going further to reduce corporate reporting requirements, scrapping needless form filling for tens of thousands of businesses,
00:39and taking the savings to businesses from our reforms to over £1 billion a year already.
00:46And so today I can announce three new reforms to boost competition and make the UK a top destination for global capital.
00:55First, we will consult on a cross-economy AI sandbox.
01:00Modelled on the success of the FCA's pioneering fintech sandbox to allow new AI products to be developed under supervision by regulators.
01:10Second, the Civil Aviation Authority will publish an Investor Roadmap, outlining the steps to launching commercial drone operations by 2027.
01:19And third, we will reform the panels that review company mergers and provide greater certainty on whether transactions will be subject to merger control.
01:28Our mission is clear, our mission is clear, to create the right environment for investment through our regulatory reforms, to crowding capital through our public financial institutions,
01:41and to break down silos to collaboration on local projects, supporting innovation and growth throughout the UK.
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