Govt overestimated the rewards from cutting regulation
Wed 2 Jul 2008
02/07/2008
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The government over-estimated the possible benefit from cutting workplace regulation, MPs have claimed. A House of Commons Public Accounts Committee (PAC) report has suggested the estimated improvements were based on unreliable figures. The government established the Better Regulation Executive and Better Regulation Task Force to "reduce the barriers facing small and medium sized enterprises wanting to access the government market". It claimed its reduction program would lead to a £16 billion increase in gross domestic product in return for an investment of £35 million. However, the PAC found "the strength of the link between the level of regulation and productivity growth is not certain" and described one of their estimates as "statistically unreliable". It also revealed the investigation failed to consider staff costs and based its estimates on an unevaluated scheme from Holland. It recommended the executive "should quantify the impact of administrative burdens on productivity, and test the robustness of the £16 billion estimated potential for increasing GDP".
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