Chuka Umunna MP, Labour’s Shadow Business Secretary, highlighting that Ministers are ignoring the challenges facing the UK economy and have resorted to re-announcing pre-existing measures following Nick Clegg’s speech on regulation, said:
“The Deputy Prime Minister has told us nothing new in this speech, the Government having announced to great fanfare over four months ago that it was looking at measures to simplify regulatory enforcement. We were promised a white paper in this area, but are still waiting for it to be published.
“On regulation, the Tory-led Government has over promised and under delivered – for example, its ‘one in one out’ rule does not apply to EU legislation which accounts for around half of all new regulation and its semi-detached attitude towards European engagement makes it harder not easier to reduce the regulatory burden on business.
“What the Deputy Prime Minister chooses to ignore is the fact that business is being held back by his Government’s reckless decision to cut spending and raise taxes too far and too fast – this has caused confidence to plummet and the economy to stagnate since last autumn. Instead of yet more re-announcements from Messrs Osborne, Cable and Clegg, we need an effective strategy for jobs and growth like Labour’s five point plan.”
In Government, Labour set up the Better Regulation Executive to improve the design of new regulations and how they are communicated and simplify existing regulations; as well as the Regulatory Policy Committee independent scrutiny of proposed regulatory measures put forward by Government.
The Regulators' Compliance Code, which was praised by Mr Clegg in his speech today, was also put in place under the last Government.