Business: Regulation
The question
To ask the Secretary of State for Business and Trade, what comparative assessment he has made of levels of regulation on businesses in (a) the UK and (b) other G20 countries.
Answered by Justin Madders
The UK is an excellent place to do business, and in 2023 scored in the top 3 G20 countries on regulatory quality according to the World Bank [Regulatory Quality: Percentile Rank | Data]. However, businesses have told us that regulation can be too complex, stifle progress and innovation, with 45% businesses agreeing that regulation was an obstacle to their success in 2022, according to DBT’s Business Perceptions Survey. Our Action Plan for Regulation aims to reduce these burdens for businesses, including by cutting the administrative costs for business by 25% by the end of this Parliament.
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