Consultation outcome

Smarter regulation: regulating for growth

From:
Department for Business and Trade
Published
22 November 2023
Last updated
25 April 2024 — See all updates
This consultation has concluded

Download the full outcome

Draft Growth Duty: statutory guidance (pending parliamentary approval)

PDF, 423 KB, 37 pages

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Government response to the Regulating for Growth consultation

PDF, 343 KB, 33 pages

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Explanatory memorandum for the Growth Duty statutory guidance

PDF, 165 KB, 4 pages

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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

Summary

We’re seeking views on revised statutory guidance for the growth duty.

This consultation was held on another website.

This consultation ran from
to

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.

Documents

Consultation on the Growth Duty, draft statutory guidance

PDF, 393 KB, 23 pages

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Growth Duty: statutory guidance refresh

PDF, 346 KB, 35 pages

Published 22 November 2023
Last updated 25 April 2024 + show all updates

  1. 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.

  2. ‘Consultation on the Growth Duty, draft statutory guidance’ PDF re-added to the page after it was replaced in error on 21 February 2024.

  3. Growth Duty government response document split into three documents which include, the government response, draft guidance from the annex of the government response, and the explanatory memorandum for the statutory guidance.

  4. Government response document updated to include an update to the first footnote on page 38.

  5. Summary of responses received, the government’s response to the consultation, and the next steps have been added to the page.

  6. First published.

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