Government publishes Plan for Digital Regulation to cut 'red tape'
A new plan has been released which aims to make the United Kingdom a global leader in the innovation-focussed digital space. The government’s Plan for Digital Regulation aims to reduce red tape and cut down on cumbersome and confusing policy so businesses are freed to reflect on new ideas, grow their firms and create new jobs. Three guiding principles policymakers must follow are set out by the plan; actively promoting innovation, achieving ‘forward-looking and coherent outcomes’ and exploiting opportunities, addressing challenges in the international arena.
The digital sector is a highly beneficial part of the UK economy, contributing £151 billion to the economy in 2019. It attracted more venture capital funding (£11.2 billion) than Germany and France combined in 2020, and employs more than two million people in this country.
The Government is working closely alongside the recently-established Digital Regulation Cooperation Forum (DRCF) - a voluntary forum comprising the Competition and Markets Authority (CMA), Financial Conduct Authority (FCA), Information Commissioner’s Office (ICO) and Ofcom. 2021 is an important year for the UK regarding the representation of digital innovation on the world stage as it will be hosting the Future Tech Forum in Autumn 2021 to discuss new approaches to tech governance.
This plan also comes ahead of the Online Safety Bill being introduced to Parliament and the publication of a consultation on a new pro-competition regime for digital markets. “The Plan for Digital Regulation is a strong start and shows the government’s commitment to creating a coordinated, proportionate and innovation-focused regulatory system”, said techUK CEO Julian David.