Good to join the
@restate_thinks panel at
#CPC26 today with Richard Fuller,
@rcolvile and
@deCoverlyVeale.
For any new rule we need to be asking: is it necessary, has its cumulative cost been checked, what are the knock-on effects? If it fails, Parliament should say no.
But as we know, Parliament has a very poor record of saying no. Not one Statutory Instrument has been rejected since 1979, and only 16 out of 169k have been rejected since 1950. Delegated Legislation Committees last on average 26 minutes. Many are much shorter than this.
Modern regulation is highly technical and sits in regulators’ rule books (with the FCA handbook running to 7,000 pages, for example) and a lesson from my few years in Parliament is that its governance is simply not good enough to properly hold our powerful regulators to account.
We need to be more thoughtful and strategic. A country that regulates out of fear of the last crisis will not win the next one.
Regulation should be proportionate, accountable to Parliament, and built for those who take risks.
Thanks to Re:State for hosting today's
#CPC26 panel.