New domestic regulations introduced by HM Treasury.
The government has committed to being the first in history to leave office having cut the overall burden of red tape. This commitment is being implemented through:
- the ‘One in one out policy’, which means any new regulation imposing costs on business is being off-set by deregulation of an equivalent amount
- the ‘Red tape challenge’ which is taking a fundamental look at all regulations currently on the statute books
- the moratorium on new regulations for micro-businesses and start-ups
The Treasury is committed to playing its part in this challenging but necessary agenda.
Every 6 months, each government department will publish a list of the new domestic regulations it intends to introduce, which fall in scope of the ‘One in one out policy’ – known as the statement of new regulation.
Since January 2013, the government has increased its level of ambition on reducing the regulatory burden on business and introduced a ‘One-on, two-out rule’, whereby departments are expected to offset any increase in the cost of regulation by finding deregulatory measures of at least twice the value.