UK launches review of regulators, searching for post-Brexit advantages

LONDON (Reuters) – The British government on Monday launched a review of regulators across the economy in an effort to seek out what it described as post-Brexit regulatory advantages.

“I want us to use our Brexit freedoms to scrap unnecessary regulations that hold back firms and hamper growth,” business and trade minister Kemi Badenoch said in a statement.

“It’s clear that the regulators that enforce the rules can also sometimes be a blocker to businesses, so our review will seek to root out the bad practices with the aim of making companies’ lives easier and reducing costs for consumers.”

Britain has around 90 regulators, costing around 5 billion pounds ($6 billion) a year to operate, the government said.

($1 = 0.8242 pounds)

(Reporting by William James, Editing by Kylie MacLellan)