LONDON, Oct. 21 -- The government of the United Kingdom issued the following news:

* Rachel Reeves set to announce blitz on business bureaucracy, slashing red tape and regulations to save UK businesses nearly £6 billion per yearby the end of the Parliament and drive economic growth. * The Chancellor will set out plans to more than350business leadersandmayorsat the government's first ever Regional Investment Summit in Birmingham. * The Summit is expected to see over £10 billion of private sector investment committed to regions across the UK alongside public investment in onshore and offshore wind projects.

Doubling down on action already taken to spur economic growth by easing the burdens that hold businesses back, Rachel Reeves will signal the government will be scrapping pointless paperworkandspeeding up planningtodeliveronthe Prime Minister's 25% admin reduction target - a central commitment in the Modern Industrial Strategy to make it easier and quicker to do business in the UK.

The crackdown on needless form-filling willsee over 100,000 firms qualify for simpler corporate reporting rules,freeingup businesses such as micro-breweriesup and down the land from having to account for every hop they buy and removing the need for small business ownerslike family-run cafes tosubmitlengthyDirector reports to Companies House.

Addressing an audience of more than350business leaders, localmayorsand investors at the government's first ever Regional Investment Summit in Birmingham, the Chancellor will say:

Our mission is clear: to create the right environment for investment through our regulatory reforms, to crowd in capital through our public financial institutions, to break down silos to collaboration on local projects, and to support innovation and growth throughout the UK.

Businesses will also save time and money when building, with the Chancellorsetting outplans for digital planningchecks that could see developers sending photo evidence to authorities online which are then approved using trained AI models.

A new online map of underground cables andpipes will also help planning officials and builders avoid lengthy and costly delays caused by accidental damage, without having to contact multiple utilities companies.

These changes mean that six months after we announced March's Regulation Action Plan we have already identified and announced £1.5 billion in savings which will contribute to the target. This is just the beginning, as delivering the 25% target will allow us to put nearly £6 billion per year back into the pockets of businesses by the end of the Parliament.

This will boost productivity by saving companies with employees around on average 200 hours on administrative activities a year.

At the inaugural summit, the Chancellor will also announce a series of new private and public sector investments in regions across the UK - creating jobs and prosperity for working people up and down the country.

In a signal of how the government'sregulatoryreforms and pro-businessapproach is givingmajorbusinessestheconfidencetoback Britain,private firms will announce over £10 billion ofnew investmentin projects spanning the British Isles.This includes £6.5 billion in investment from Welltower creating thousands of new beds in elderly facilities.

The Chancellor will also announce the government will beinvesting millions more in regional projectsto deliver growth- thegovernment's priority mission.

She will revealthat the Crown Estate haspurchasedland in Harwell East with the potential to build new advanced manufacturing spaces and laboratories - creating 400 new homes and 30,000 jobs nationwide, including 10,000 for working people in Harwell. Once completed, the site is expected to add £2.5 billion to the economy.

Crowding-in further investment, theNational Wealth Fundwill alsoprovide£104 millionto financeonshore and offshore wind projects in Norfolk and Orkney as well as to build a heat network in Hull.A team of specialists will also be sent to help mayoral strategic authorities speed up key infrastructure projectsin Greater Manchester, West Yorkshire, WestMidlandsand Glasgow City Region, ensuring these projects are attractive to investors.

Welcoming the £10 billion pledge from private investors, the Chancellor will add:

Over the last year, we have welcomed billions of pounds of foreign investment in the UK in addition to the domestic investment made by businesses every day. But these are not just numbers. These are higher wages. They are better homes. It's the transport, energy and digital infrastructure that underpins our nation.

Commenting on the cuts to regulation,Business & Trade Secretary Peter Kyle said:

A central part of our Industrial Strategyis slashing needless red tape that blocks businessgrowth, andtoday is precisely about that.

We are backing Britain, backing British businesses to thrive and grow and as part of our Plan for Change, these changes will boost jobs and grow the economy right across the country."

Ahead of the Budget on November 26th, the Chancellor has been clear that growing the economy is her number one priority.

The RegionalInvestmentSummit, which will be attended by business leaders,investors and local leaders to reversedecadesof underinvestment, will build on the £150 billion investment commitments made during the State Visitso that, across the country, the benefits of growth are felt in towns, localhighstreetsand communities.

Already permitting reforms announced by the Chancellor in March have cleared the way for a major offshore wind farm inTeessidethat will power over a million homes and support 2,000 jobs.

Also, In Blyth a new AI Growth Zone is attracting billions in private investment following the UK-USTech Prosperity Partnership, expected to create thousands of skilled jobs in data and energy and cementing the North-East as a clean-energy and digital powerhouse.

Further information

External commentary on government's regulatory measures:

Jane Gratton, Deputy Director of Public Policy at the BCC, said:

Plans to cut the cost of regulation will be welcomed by businesses.

The burden of unnecessary red tape and bureaucracy ramps up their costs and damages competitiveness. Now is the time to boost growth, and changes like this can help. Firms will need to be consulted to ensure any initiatives have maximum impact.

Thefocus must be on freeing up businesses to invest. This includes speeding up infrastructure development, reducing delays in the planning system, and maximising the impact of technology.

Over two fifths of firms tell us they are currently planning to raise prices, and with continuing uncertainty around tariffs, a 25 percent cut in the cost of the regulatory burden will be positively received.

John Boumphrey, UK Country Manager, Amazon:

Amazon welcomes the government's continued focus on ensuring the UK's regulatory framework supports innovation, investment and growth. Earlier this year we announced plans to invest £40 billion in the UK over the next three years, creating well-paid, quality jobs across every region of the UK. We look forward to working with policymakers to maximise the impact of that investment, expanding training for employees, and improving services for customers.

Verity Davidge, Director of Policy at Make UK, said:

This is a positive and welcome step by government as the Regulation Action Plan is desperately needed to drive greater economic growth and investment. The manufacturing sector is currently being held back by overburdensome, confusing and duplicative regulation which is stifling growth in the sector, especially for SMEs. Moving forward it's vital to see a principles-based approach to regulation, rooted in simplicity, clarity, and proportionality, which would be positive for both businesses and consumers. We are pleased that the government is taking this opportunity to transform the business regulatory landscape and drive forward the change that is needed.

David Postings, Chief Executive, UK Finance said:

We fully support the government's target of cutting regulatory compliance costs by a quarter, and are encouraged by the work financial services regulators are already undertaking to deliver this ambition.

Ensuring the regulatory framework is simpler and more proportionate is a key part of ensuring the UK has a pro-growth operating environment. This will in turn help the financial services sector to thrive and support growth in the wider economy.

Richard Moriarty, Financial Reporting Council (FRC) CEO, said:

We welcome the government's next steps in their commitment to simplify and modernise the UK's corporate reporting framework. Our stakeholders prioritise and value decision-useful strategic information when making investment decisions, and these proposals will help focus corporate reporting on the information which is most important to them. There is clearly a real demand and ambition from preparers to see what can be removed from reporting requirements that doesn't add value and creates unnecessary burdens.

About Regional Investment Summit attendees:

Over 350 senior business figures, investors and local leaders will attend the Summit, spanning sectors including financial services, professional and business services, real estate, energy, digital technology, transport, life sciences and manufacturing.

These private sector leaders will be joined by public sector representatives from central government, the English regions including (12 of the 14 mayors and the deputy mayor of London), devolved governments, public finance institutions including the National Wealth Fund and British Business Bank, regulators and other key public bodies.

The Regional Investment Summit's official sponsors are E.ON, HSBC, IBM, KPMG, and Lloyds.

Regulation

The regulatory changes set to be unveiled by the Chancellor, together with cuts to red tape announcedsinceMarch's Regulation Action Plan, willcontribute£1.5 billion towards the £5.6 billion administrative savings target per year by the end of parliament.

Key measures set to be revealed by the Chancellor tomorrow include:

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Increasing size thresholds for corporate reporting and cutting duplicative requirements, meaning lighter-touch requirements for up to 44,000 medium-sized private companies and around 7,000 subsidiary companies who will no longer be required to produce Strategic Reports.

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Removing the need for any company tosubmitDirectors' Report to Companies House.

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Digital verification of planning documents,speeding up approvals for local projects.

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An online register of underground pipes and cablesto prevent length and unnecessary delays caused by accidents.

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Less frequent data returns forthousands of banks,insurersand asset managers, with the Financial Conduct Authority scrappinglower-valuereturns and the Prudential Regulation Authority cutting thenumber of times firms need to update financial reports.

Public investment bodies

* The National Wealth Fund is loaning £104 million for onshore and offshore wind projects in Norfolk and Orkney and the heat network in Hull. * The National Wealth Fund has launched their Regional Project Accelerator. This includes supporting their Strategic Partnerships with priority projects: Clyde Metro project in Glasgow, Trafford heat network in Greater Manchester, delivery of the West Yorkshire Mass Transit in Leeds and Bradford, and Greenpower park in West Midlands. * The government has published an overview of UK public investment bodies, outlining their support, funding offers, and guidance for businesses, investors and local government bodies. * A joint statement has been issued by the CEOs of UK public investment bodies. This includes plans to work with local leaders to find new ways to accelerate development, starting with Victoria North, Birmingham Sports Quarter, Leeds South Bank, and Advanced Manufacturing Innovation District Scotland. This comes alongside a government boost to innovation funding, with an extra £20 million each for Greater Manchester, West Midlands and Glasgow City Region through the Local Innovation Partnerships Fund, bringing these regions' total allocation to £50m.

Disclaimer: Curated by HT Syndication.