The Chancellor’s autumn statement saw the government commit itself to further reforms of the business regulatory system in an effort to improve conditions for entrepreneurs.
Mr Osborne said that the Business Department and the Treasury will be conducting a fundamental review of what all parts of government are doing to create the right environment for private sector growth.
The review, which will be completed by the next Budget, will look at improvements to the planning system and to employment law; at providing more support for exporters; and at reforms to the competition regime.
The aim of the review will be to reform structural barriers across the whole economy in planning, competition, trade and investment, regulation, access to finance and corporate governance; and to remove barriers in sectors where there are clear opportunities for growth and where Government can make a difference – construction, retail, health and life sciences, professional and business services, manufacturing and digital and creative industries
Mr Osborne said: “Alongside the corporate tax reforms announced today, the growth review contributes to the government’s drive to remove the barriers to growth and improve British competitiveness.
“We have been clear that growth will be driven by the private sector. By working closely with business and industry in this intensive programme of work, government can make sure that Britain is open for business.”
Business Secretary, Vince Cable, added: “Growth is the primary focus of the Government, but this will not happen overnight. That’s why we’ve set out a long-term vision to create the right conditions for future economic prosperity.
“We cannot lay out plans for how the economy will grow – growth is delivered by the private sector. What we can do is provide the conditions to promote a new economic dynamism, harnessing our strengths, removing the barriers and putting the private sector first when it comes to decisions on tax, regulation and spending.”