In her Mansion House speech in November, Rachel Reeves declared: "The UK has been regulating for risk, but not regulating for growth."
At the time, given it was an address to the City, her remark was primarily taken as focusing on the present financial watchdogs. Which indeed is what Reeves herself implied by dwelling on the aftermath of the 2008 banking crash. "It was right that successive governments made regulatory changes after the global financial crisis to ensure that regulation kept pace with the global economy of the time but it is important that we learn the lessons of the past. These changes have resulted in a system which sought to eliminate risk-taking. That has gone too far and, in places, it has had unintended consequences that we must now address."
The Chancellor did say, though: "We need economic reform to unlock the full growth potential of the British economy. Our approach to regulation is a critical part of that. As the Prime Minister has already set out, the key test for regulation is whether it will make our economy more dynamic and more competitive. So we will review the strategic guidance that we give to the [Competition and Markets Authority] and to other major regulators to underline the importance of growth."
After that there was scarcely much mention, as instead, Reeves and her colleagues appeared to become ground down in resisting domestic and international economic blows. Then last week, representatives of the British Chambers of Commerce assembled for a meeting with Lord Livermore, Financial Secretary to the Treasury. They were taken aback to be joined by Livermore’s boss. Reeves wanted to hear first-hand their woes and wishes. She’d done something similar with the Confederation of British Industry.
It was an easing of the regulatory burden they desired. They wanted a new approach, one that was less pernickety and obstructive, and would drive business and with that, growth.
This week, Reeves will "haul in" leading watchdog heads to tell them: "You’ve got to get serious about growth." Those facing her will be the Competition and Markets Authority, Ofcom, Ofgem, the Environment Agency and the Financial Conduct Authority. Next week, it will be the turn of other agencies. They will be instructed: "I want your ideas about how you’re going to stop regulating for risk and go for growth instead."
To the cynical eye, it’s reminiscent of when Rishi Sunak took charge and sent a memo round all the Whitehall departments asking for their suggestions as to how to grow the economy. He added a qualification, that they were not allowed to use anything from Liz Truss, his predecessor as prime minister. Britain, it seems, is increasingly reliant upon officials coming up with proposals rather than those who actually lead the country.
Still, Reeves has set her course. It is evident, too, in PM Keir Starmer’s announcement concerning the adoption of AI. Out will go caution and in its place will be a decision to back the new technology wholesale, including the fast-tracking of planning permissions for AI businesses.
The scale of the problem is evident, however, in a paper from the think tank Policy Exchange. The Rise of the Regulators, published six weeks ago, contains a foreword from Lord Sedwill, a former cabinet secretary. It argues that the UK’s regulatory framework is being driven by what he calls a "risk aversion ratchet", which incentivises an ever-growing burden of rules and requirements.
"The ratchet is the product of a political culture which is increasingly safetyist, a bureaucracy in which it is remarkably easy to generate new regulations and a complete lack of incentives to remove redundant or pernicious regulations from the rulebook. And it makes lessening the regulatory burden extremely hard for any government."
This is the issue. Saying one thing and putting it into practice is not always so easy, not where a long-established machine with a set way of working is concerned.
Cutting red tape
President-elect Donald Trump may find the same as he attempts to dismantle bureaucracy in the US (there is no doubt that the arrival of the free-speaking, buccaneering next president has galvanised thinking in the US and across the world).
For every rule, no matter how petty, there will be someone defending it. Policy Exchange found that Whitehall regulators have almost doubled the number of staff they employ over the past decade. Head-counts at seven of the top watchdogs have increased by 84 per cent from 2013-14. The Financial Reporting Council boosted its roll by 256 per cent between 2013-14 and 2023-24. Over the same period, the Financial Conduct Authority saw a rise of 117 per cent and Ofcom’s tally went up by 88 per cent. The Competition and Markets Authority, Food Standards Agency, Natural England and the Care Quality Commission experienced similar rises.
Policy Exchange says complying with red tape costs the UK economy £70 billion ($85.33 billion) a year, or between 3 per cent and 4 per cent of GDP. It calls for the slashing of regulations by 25 per cent. This would be accompanied by a comprehensive regulations register – the mind boggles as to its size – together with a one-in, two-out condition for the introduction of new rules.
Yes, yes and yes. But it’s hard to avoid the sense of deja vu. In 1992, Michael Heseltine as Trade Secretary was tasked with "hacking back the jungle of red tape". Which begs the question, if it was a jungle back then, what is it now?
Heseltine promised a "bonfire" of regulations. That identical word was used by David Cameron. In 2015, Cameron replaced the then one-in, two-out rule – see, it existed a decade ago – with a one-in, three-out measure, which meant for every pound of new regulatory burden introduced, government departments had to reduce burden elsewhere by at least three times that amount.
Liz Truss also seized on the same description, saying "a red tape bonfire will encourage business investment and boost growth". Not to be outdone, Starmer has said the same.
Tragedy hangs over rules
There is another word that gives lie to their bravado and highlights the practical difficulty, certainly in Britain, also involving a fire, albeit one that was terrible: Grenfell. The victims of that disaster died because insufficient building regulations were in place and the ones that were there were not properly enforced.
Possibly, that applies as well to the current wildfires in Los Angeles. The city’s mayoral authority might have diverted cash earmarked for the fire department but that is because it could, there was nothing in law that said it couldn’t. That’s speculation at this stage, admittedly, but it illustrates what Trump may discover and where this debate could head in the coming months and years.
We wish it to happen, we really do. But we live in a lawyered-up age in which one misjudged step can result in a heavy price. Hopefully, Reeves and Starmer will get somewhere, there will be tangible cuts and, with them, savings and the much sought-after growth. The ratchet will be loosened. Do not hold your breath. Remember Heseltine. When was it again? 1992.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
WISH
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Chris%20Buck%2C%20Fawn%20Veerasunthorn%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Ariana%20DeBose%2C%20Chris%20Pine%2C%20Alan%20Tudyk%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Killing of Qassem Suleimani
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
The Kingfisher Secret
Anonymous, Penguin Books
Killing of Qassem Suleimani
Zayed Sustainability Prize
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Neighbourhood Watch:
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
