Business Secretary, Vince Cable, has announced that a new "One-in, One-out" business regulation system will take effect from 1 September 2010 to support the Government’s drive to tackle unnecessary government interference and red tape.
One-in, One-out is a regulatory management system, whereby any new regulatory cost is compensated by cuts to the cost of old laws. It will start from 1 September. Ministers seeking to introduce new regulations which impose new costs on businesses, or the third sector, will have to identify current regulations with an equivalent value that can be removed.
The new rule has been designed to apply initially to domestic legislation affecting businesses and the third sector, with Ministers intending to expand the system in "due course". It is intended to ensure that the costs of red tape are properly addressed across the entire British economy.
Best practice
People and stakeholders are being encouraged by the Government to comment and review current and proposed laws and regulations: the idea being that government interference in businesses and third sector organisations will be subject to more scrutiny.
If you have any opinions or comments concerning the "one-in, one-out" regulations we are interested in hearing from you. Please contact us even if you only have in mind a regulation to abolish. We can then submit a summary of our subscribers' views under the Government's consultation initiative.
This publication is for guidance only. Reliance should not be placed upon it and nor should action be taken, without obtaining advice in respect of the specific circumstances applicable. We will be pleased to provide such advice or assistance.
