News story

Regulatory Horizons Council publishes new report on unlocking UK innovation

New report setting out how the gap can be closed between existing principles for innovation-friendly regulation, and how they are applied in practice.

The Regulatory Horizons Council (RHC) has today (Wednesday 15 June) published a new report setting out how the gap can be closed between existing principles for innovation-friendly regulation, and how they are applied in practice.

The RHC is an independent expert committee set up to identify the implications of technological innovation, and provides the government with impartial, expert advice on the regulatory reform required to support its rapid and safe introduction.

Chair of the Regulatory Horizons Council Cathryn Ross said:

The Council exists to promote regulatory change that is needed to ensure the UK gets the best value from technological innovation. We have found that while regulation can be a barrier to innovation when it is done right, it can be a key enabler.

Our research uncovered a number of gaps between current regulatory practice and what needs to happen to enable the rapid and safe adoption of technological innovation.

Our report shows how those gaps can be closed. We have made a wide range of recommendations to government, regulators, and other actors in this space including innovators.

We have also included a wide range of case studies covering different types of regulation in different parts of the economy. This will provide practical support for everyone to create a climate that enables and encourages technological innovation, which will, in turn, drive economic growth, improve sustainability, and deliver benefits across our society. We hope and expect that the report will prompt and help guide future discussions in this area.

The report was commissioned by Business Secretary Kwasi Kwarteng in line with the Innovation Strategy, and is a timely piece of work that contributes to the government’s ambition to create the best regulated economy in the world, building on the UK’s freedoms since leaving the European Union.

Regulation is a key enabler for technological innovation, and determines whether and to what extent it delivers value. The Council outlines 6 key focal points in its report:

  • regulation should adopt a proportionate approach to benefits and risks
  • regulation and innovation should embrace ethics and public engagement
  • regulation should take account of commercial considerations and the need to attract investment
  • regulatory design and implementation should consider alternative forms of regulation
  • regulation needs to get the timing right
  • regulators should foster a culture of openness and a growth mindset

The report highlights that innovation does not occur in isolation, and that a collaborative effort from government, regulators and innovators is the best way to foster an environment that supports and promotes innovation.

The report includes recommendations for each of these groups and is supplemented by case studies to bring to life how regulatory principles can enable innovation in practice.

Published 15 June 2022