As we enter a new normal following the economic shock of COVID-19, and the UK looks to make its way in the world outside of the EU, there is an opportunity to reflect on whether our economic structures remain fit for purpose. It is crucial that the regulatory framework remains fit for the future to assist in achieving the UK’s net zero target and facilitating innovation across industries.
Economic regulation has been the bedrock of the market structures in our most critical sectors, from energy to telecommunications. The COVID-19 pandemic has demonstrated the resilience of these sectors in responding to economic shocks, such as large shifts in domestic energy demand and ensuring stable internet connectivity across the UK. A new CBI report, Reimagining regulation, explores the cross-cutting challenges facing businesses in a modern and evolving economy.
In the future, the UK will need a system of economic regulation that is smart enough to adapt to