4 CONCLUSION
65. The better regulation agenda is more important
now than ever; in current economic conditions businesses are concerned
with maximising productivity and minimising the administrative
burdens on them. The evidence we collected tells us that the principles
of the agenda still hold good; proportionate and risk-based regulation,
if properly applied, can deliver the vital protection of regulation
without creating unnecessary burdens on business. But the debate
around better regulation is shifting in light of the financial
crisis, there is increasing pressure against so called 'light-touch'
regulation and concern that risk-based regulation has not been
implemented or enforced effectively. Our inquiry has shown that
there is scope for regulators better to understand both individual-level
risk and systemic risk and to use their powers of enforcement
more effectively.
66. Now is therefore an important time for the
BRE to establish and communicate publicly its principles and priorities
for future better regulation and to set out clearly the direction
of the agenda. The BRE's ongoing role must be to ensure that better
regulation principles are embedded into Departments and regulators
and that those principles deliver the intended outcomes both for
businesses and consumers.
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