The UK has set bold ambitions to achieve net-zero emissions by 2050 and to deliver full fire broadband across the UK. But to make ambitions like these a reality, the government must take a coordinated and pro-innovation approach to the UK’s regulatory and competition landscape. Strong policies will encourage investment, drive innovation, and promote economic prosperity.
That’s why, as the UK begins its new journey outside the EU, we’re asking the government to act now and create a future-facing regulatory framework. The government must set out fair and effective regulatory and competition policies that both promote growth and protect consumer welfare.
A principles-based approach to regulation and competition policy that encourages innovation through collaboration between regulators and business
Clarify the priorities of the UK’s new competition regime and the timetable of new changes and powers
Develop a regulatory framework that enables long-term investment in infrastructure and is agile in response to new innovations
To date, the UK’s competition policies (designed to protect and promote competition across industries) and regulatory framework have not kept pace with changes to business models and long-term investment needs. This will become even more apparent as the economy continues to shift, and poor regulation will stifle investment in the infrastructure and innovations needed for sustainable growth.
Businesses need a clear and effective vision for the future. They need regulation which is coherent, coordinated and easier to implement.
And, in order to deliver on investments in critical sectors like energy, digital and transport, they need a future-facing framework that incentivises spend.
To ensure the UK economy remains competitive and fosters world-leading innovation, the government must evolve the regulatory framework. And, as the UK navigates through its new relationship with the EU, it has never been more critical to act.
"The UK needs a competition regime and a system of economic regulation that is smart enough to adapt to current and future challenges. Economic regulators have delivered significant investment, but they will need to adapt their ways of working if they are to drive the step change in investment and innovation to support a green recovery and ultimately deliver for consumers and the economy."
Annie Gascoyne, Director of Economic Policy, CBIRegulation is an integral policy tool used by the government to promote competition in markets and preserve consumer welfare. However, the regulatory framework must be coordinated, clear and enable innovation.
An additional £9bn investment is needed in the energy sector annually to meet the net zero target
40% of businesses think that the level of regulation in the UK is an obstacle to success
The UK has fallen to 9th place in the World Economic Forum’s Global Competitive Index
Reimagining the regulatory framework will ensure businesses in all sectors and UK regions can thrive. Find out more about the recommendations put forward by the CBI to develop a framework that supports innovation and encourages long-term investment, and learn about the challenges UK businesses face.
The CBI campaigns tirelessly on behalf of our members so that business creates prosperity for all. Learn more about the work we do and the impact we are making on this issue.
Funding our future
Building a world-class innovation and digital economy
How should we regulate AI?
Financing the UK’s infrastructure revolution: why attracting private finance into UK infrastructure is more important than ever
Reimagining regulation: creating an economic framework fit for the future
Resolving the future of the UK’s competition regime
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Our members are our mandate, and the reason we’re the most influential business organisation in the UK. Join the voice of business, and help us campaign to create a regulatory framework that suits a modern, flexible world of work.
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Want to have your voice heard on competition policy issues? Join the CBI’s competition policy working group and help monitor and influence competition policy in the UK. Drive real change on the issues that matter to your business.
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This campaign is led by the CBI’s Tax and Regulation team. Contact Annie Gascoyne, Director of Economic Policy, to find out about the change UK business urgently needs and how you can support it.
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