Monday 16th
March, 3.30pm, Grimond Room, Portcullis House
The Public Accounts Committee (PAC) will examine how regulators
can navigate the potential pitfalls of a higher risk appetite
whilst promoting economic growth on Monday,
16th March at 3.30pm.
Well-designed regulation can protect consumers, support
investment and promote competition. However, it can also be
viewed as imposing unnecessary burdens on business and deterring
investment and growth.
With government's Action Plan for
regulators aiming to tackle risk aversion amongst regulators,
they will increasingly need to balance risk appetite with growth
promotion and consumer protection (e.g. attempts to make
mortgages more accessible must be balanced with a higher risk of
repossessions).
A recent report from the NAO
found that the Action Plan has not stated how it expects
regulators to balance the pursuit of growth against potential
risks and departments have not set clear targets to reduce the
administrative burden by the planned 25% (c.£5.6bn/yr by 2030).
MPs are likely to use this session to explore how regulators
contribute to growth in the UK, and the progress that has been
made in implementing the Action Plan. The Committee may also
consider the true cost of regulation for business and how this
could be more effectively reduced.
The level of risk that is acceptable both to the government and
to regulators is also likely to be examined, as is the potential
impact on consumers.
Witnesses from 3.30pm:
-
, Permanent Secretary,
Department for Business & Trade
- Jim O'Neil, Second Permanent Secretary, HM Treasury
- Caleb Deeks, Director General - Competition, Markets and
Regulatory Reform, Department for Business & Trade
- Jessica Glover, Director General - Growth and Productivity,
HM Treasury
- David Lunn, Director - Regulation Directorate, Department for
Business & Trade
