The chancellor said the government had stepped up efforts to “abolish meaningless paperwork” and speed up planning delivery to save businesses £6 billion a year before the next election.
Rachel Reeves (pictured) said the government would “crack down on unnecessary form filling”, which would make more than 100,000 companies eligible for simpler corporate reporting rules.
The measures follow Prime Minister Keir Starmer’s pledge in March to cut business administration spending by 25% by the end of this parliament.
Reeves said: “Our mission is clear – to create the right investment environment through regulatory reform, attract capital through public financial institutions, break down barriers to local project collaboration and support innovation and growth across the UK.”
She spoke to more than 350 business leaders, local mayors and investors at the government’s first Regional Investment Summit in Birmingham.
Reeves has developed a digital planning inspection scheme where developers can send photographic evidence to the authority online, which is then approved using a trained AI model.
New online maps of underground cables and pipes will also help planning officials and builders “avoid lengthy and costly delays due to unexpected damage without having to contact multiple utility companies,” she added.
The summit also announced £10bn of new investment from private companies in projects across the UK.
In one such plan unveiled by the government, Crown Estate has purchased land in Harwell East with the potential to build new advanced manufacturing space and laboratories, creating 400 new homes and 30,000 jobs across the country.
UK Finance chief executive David Postings said: “Ensuring a simpler and more proportionate regulatory framework is a key part of ensuring the UK has an operating environment conducive to growth.
“This will in turn help the financial services sector thrive and support wider economic growth.”
The meeting comes as the government presses ahead with its flagship planning and infrastructure bill, which it says will Remove a range of restrictions New projects are currently underway.
The bill heads to the House of Lords for reporting on Monday after passing third reading in the House of Commons in June.
The government said the legislation is expected to “become law this year”.
Last month, the Financial Conduct Authority set out plans to cut data reporting by 11,000 retail brokerage firms.
Previously, city regulators announced in August that they would reduce disciplinary penalties and supervisory returns, saying they would Reducing the burden on 36,000 companies.
All financial regulators are under pressure to cut red tape after Chancellor Rachel Reeves gave a speech at her official residence in November, in which she said reducing the regulatory burden on businesses was a priority to boost UK economic growth.
