The UK government has pledged to reduce the administrative cost of regulatory compliance by 25% by the end of this parliament and is asking for first-hand experiences of UK businesses to shape future reforms.

The Department of Business and Trade (DBT) has published an online questionnaire and is calling on businesses, entrepreneurs, investors and industry experts to help identify “outdated, duplicative, or disproportionate” regulations.

It states: “Your input will directly inform how we streamline the regulatory landscape while maintaining essential protections.”

Direct, indirect and opportunity costs

The government is looking for examples of specific rules that impose “unnecessary costs or burdens on businesses” and what changes could be made to reduce their impact.

The questionnaire then goes on to ask about the direct costs imposed by individual regulations and the indirect costs resulting from how they are applied, for example how regulators carry out their duties and mechanisms for challenging regulators’ decisions.

It is also looking to understand the “opportunity costs” of regulation. It asks for examples of how regulations and the way they are applied are preventing future business opportunities. The questionnaire is also seeking opinions on how the UK regulatory landscape compares with other countries.

The introduction to the questionnaire states that while effective regulation is a “force for good”, "excessive regulation or poor regulatory practices can undermine [its] strengths”.

It states: “We will leave no stone unturned to identify aspects of the regulatory system, across all sectors of the economy, that impose disproportionate costs on business – stifling economic growth, innovation, and investment.”

Have your say

Businesses and practitioners have until 16 December to complete the questionnaire and share their thoughts on which regulations should be considered in the governments next phase of reforms.

Laura Hough, ICAEW’s Director of Trust & Ethics, urges members to take this opportunity to use their first-hand experiences to shape regulation.

She said: “ICAEW members work with millions of UK businesses and have long told us that smarter regulation is possible. This is your opportunity to tell DBT directly what regulations and regulatory processes should be changed.”

DBT commits to publishing its response to the questionnaire’s findings within 12 weeks of the closing date.

The questionnaire was published alongside the latest progress update and next steps to the government’s Regulation Action Plan and its plans to reduce corporate reporting requirements on thousands of companies.