The House of Lords Industry and Regulators Committee report examines the UK Government’s regulatory growth agenda and argues that the policy needs clearer translation into day-to-day regulatory practice. The Committee says regulators, including legal regulators, can support investment and growth by improving the pace, clarity and predictability of regulatory processes, but warns that a stronger emphasis on growth can create trade-offs with other statutory responsibilities, including consumer protection, competition, environmental protection and public confidence.
The report calls for clearer strategic guidance on how conflicts between objectives should be prioritised and on the level of risk that regulators are expected to tolerate. The Committee also records Law Society evidence estimating that legal services made a combined direct and indirect contribution to the economy worth £74.4 billion in 2024. The wider message for professional regulators is that speed and efficiency matter but should not be pursued in ways that undermine fairness, transparency or trust.