In February 2021, the Government set up the Taskforce on Innovation, Growth and Regulatory Reform (TIGRR). The Taskforce is led by Sir Iain Duncan Smith and was set up - in light of Brexit and “new-found regulatory freedoms” - to “identify and develop proposals across a range of areas that will drive innovation and competitiveness, reduce barriers to start-ups and scale-ups, create opportunities for innovation to make the most of cutting-edge technologies, and support growth and dynamism right across the UK economy”.
The Taskforce consulted with over 125 experts from SMEs, global leaders, academia and think tanks. On 16 June 2021, its report was published. The report sets out over 100 recommendations on how the UK can reshape its approach to regulation, and covers a wide range of regulation such as financial services and investment reform, net zero technologies, digital health, satellite technology, transport technology. Some of recommendations which may be of particular interest include:
- making changes to allow pension funds to invest more easily in high-risk, high growth firms;
- amending SEIS and EIS schemes to make it easier to invest;
- accelerating plans to develop a Central Bank Digital currency and launch pilot within 12 to 18 months;
- replacing GDPR; and
- encouraging the creation of a new type of fund – the Long Term Asset Fund or LTAF.
Sir Iain says that exit from the EU 'creates a one-off opportunity to set a bold new UK regulatory framework, based on a set of principles embedded in UK common law'.
The Prime Minister has responded to the report in positive terms, suggesting that the recommendations in the report are “only the beginning of the drive to realise the promises of Brexit” and that the Government will give the Report “the detailed consideration it deserves, consult widely across industry and society, and publish a response as soon as possible”.
How realistic some of this is and whether there will be the Government/parliamentary will to make all/some of it happen remains to be seen. The Report also recognises that some of the proposals cover reserved matters, and that it will be for the devolved administrations to decide whether or not to take forward those proposals.
Links to the report, and the Prime Minister’s response can be found here: