In the budget the UK chancellor said the government will cut firms' regulatory
and tariff burdens by £800m and boost public investment to tackle
underinvestment in high‑growth companies. The plan adds £20.4bn to the National
Wealth Fund and the British Business Bank over coming years to support about
140,000 jobs and pledges cooperation with pension providers and asset managers
to steer more private capital into innovative, fast‑growing UK firms. The
government will legislate a regulatory exemption/sandbox to allow testing and
rapid scale‑up of innovations such as drones and medicines under safety
safeguards, and will re-establish a regulatory optimisation unit to remove
obsolete rules and administrative burdens; the unit was abolished by the
previous Conservative government.
