Smarter regulation: regulating for growth
Read the full outcome
Detail of outcome
Summary of responses received, the government’s response to the consultation, and the next steps.
The draft ‘Growth Duty: Statutory Guidance Refresh’ was approved by Parliament on 23 April 2024 and has been issued by the Secretary of State for Business and Trade. The growth duty page on GOV.UK will be updated in due course with the issued guidance and coming into force date.
Original consultation
Consultation description
As part of the requirement that regulators must have regard to the Growth Duty, regulators must consider the provisions of the statutory guidance. Changes have been proposed that will ensure regulators are clear on what is expected from them when making regulatory decisions under the Growth Duty.
This consultation seeks views on the revised statutory guidance for the Growth Duty. This includes views on the drivers and behaviours of economic growth identified in the guidance, alongside additional questions on reporting on the Growth Duty and improvements to the regulatory process.
We are seeking responses from regulators in scope of the Growth Duty and any other interested stakeholders.
The government has outlined potential approaches to Growth Duty reporting in this letter from the Chancellor and the Secretary of State for Business and Trade to regulators in scope of the Growth Duty, and to Ofgem, Ofwat and Ofcom.