The announcement that NHS England would be scrapped sent shockwaves across the country last week. No one expected the Government to take such a bold step but it signalled that things are now going to be different.

The reality is that the country cannot continue as it has done in recent years. An economy that is faltering and public institutions that are simply not up to the task have left Britain in financial straits.

So it’s understandable that the Government would look to unleash Britain from the grasp of over-regulation with Chancellor Rachel Reeves telling regulators that there is “too much bureaucracy” which is making it “too slow to get things done” across the UK.

But the Government must exercise caution as it looks to wage war on red tape. A balance needs to be struck between cutting red tape and ensuring robust regulation so as not to harm people and the planet. Grenfell is a raw reminder of a failure to regulate properly.

Chancellor of the Exchequer Rachel Reeves during a meeting at Downing Street in London with regulators. PIC: Jonathan Brady/PA Wire

As it stands, a lot of regulatory regimes are convoluted, expensive and ineffective. The water industry is a prime example of this. Little wonder that the Government would seek reform of regulation across the board. It’s high time a rake was dragged through regulation.

A consumer first, right-sized approach to regulation is desperately needed. Businesses and investors need to be on board - too often they lament over-regulation. But other stakeholders also need a say when it comes to regulation.

The difficulty is balancing the sometimes competing interests of different stakeholders.

The Government needs to walk the line on regulation but need for reform is clear

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