Oral Answers to Questions

Greg Smith Excerpts

Thursday 25th January 2024 Commons Chamber

[Greg Smith (Buckingham) (Con)]

16. What steps her Department is taking to ensure that regulators support economic growth.

[The Secretary of State for Business and Trade (Kemi Badenoch)]

At the autumn statement, we announced the decision to extend the growth duty to Ofgem, Ofwat and Ofcom, alongside a series of reforms to the duty to hold regulators to account for delivering growth in the sectors they regulate. We are also currently consulting on proposals to strengthen the economic regulation of the energy, water and telecoms sectors.

[Greg Smith]

I am grateful to the Secretary of State for that answer, but on retained EU law reform, in the June to December 2023 reporting period there were only two regulatory reforms of note, which were on wine marketing and working time calculations; the rest were technical corrections. What steps is she taking to speed up reform of retained EU law to ensure that regulation works for business and enables growth?

[Kemi Badenoch]

I am glad that my hon. Friend read the report that I sent out this week on what we have been doing. However, I disagree that only two reforms of note have been delivered. We have repealed or reformed more than 2,000 measures. The Port Services Regulations 2019, which were not designed with UK ports in mind, are an example. We have also passed the Financial Services and Markets Act 2023 and the Procurement Act 2023. I remind him that that list is what we are using the schedule for, and there are many other mechanisms in the retained EU law programme to deliver on that road map so that we improve our economy and make it more competitive by making sure that our laws are tailored to our economy.