Reforming the Regulators - Adam Smith Institute

'..the annual cost of regulation to the British economy was an astonishing 10–12 per cent of GDP.....The economist Elaine Sternberg has observed that: ‘Regulation is typically part of the problem, not the solution. ..........One of the reasons for the failure of the regulatory agencies is the nebulous accountability regime. A House of Lords Select Committee inquiry into market regulators concluded that, paradoxically, they are accountable to everyone and no one.... Regulators should draw up strategic plans for reverting first to having only an economic, competitive market creating, role, and then their own demise. The costs of new non-economic regulation should be transferred to national or local government. Following the closure of each regulator, its remaining responsibilities should be transferred to the OFT.

Reforming the Regulators