Support regulatory compliance and get rewarded, minister tells entrepreneurs
Posted by Natalie Brandweiner in Regulation on Thu, 03/11/2011 - 11:24
Business and enterprise minister Mark Prisk has called on entrepreneurs to take on regulatory responsibility in return for 'earned recognition'.
Speaking at the Local and National Regulators conference, he said a ‘more mature relationship’ between regulators and businesses and a shared degree of responsibility will lead to greater transparency in local regulation.
Businesses which suport compliance and reduce intervention will be rewarded with 'earned recognition', in the hope the partnership will create stronger incentives for businesses to support compliance.
The proposal also aims to simplify regulation by providing small businesses with greater access to guidance on how they can comply.
Prisk said: “The challenge is to transform the regulatory landscape so that the system delivers essential protections whilst avoiding unnecessary interference in the day to day work of hard-working business people seeking to innovate and grow and thereby delivering the jobs and wealth we need.”
The announcement forms part of the government’s efforts to slash red tape through its Red Tape Challenge and ‘One in, One out’ programme.
However, the British Chambers of Commerce recently attacked the government’s claim to have reduced regulations by £3bn during the first half of 2011, arguing businesses instead suffered £45m in new costs.
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