Background
5. Regulation and regulatory frameworks play a critical role in shaping the business environment in which economic activity takes place. It is important that regulatory frameworks are able to address the changing needs of society and the economy, without unnecessarily constraining business growth, productivity and innovation.
6. On 23 May 2006, Cabinet agreed to the scope and broad work programme for a review of regulatory frameworks (i.e. the Review) to ensure that the regulatory environment for business is supportive of the Government's economic transformation agenda [CAB Min (06) 18/3 refers]. Cabinet considered the First Milestone Report in October 2006 [POL Min (06) 23/4 refers]. The Cabinet Business Committee considered a further Progress Report in February 2007 and directed relevant departments to give further consideration to specific regulatory issues raised during the Review and report back as part of the Second Milestone Report [CBC Min (07) 3/7 refers].
7. The Second Milestone Report was considered by Cabinet in April 2007 [CAB Min (07) 14/6 refers]. It summarised the Review's key achievements to April 2007, and invited relevant Ministers to report to the Ministerial Group overseeing the Review on some additional specific regulatory issues by 28 May 2007. The Second Milestone Report was accompanied by a report entitled, "Quality of Regulation Review – First Tranche of Legislative Amendments", which set out the first set of proposed legislative amendments from the Review for inclusion in a possible Omnibus Bill. Cabinet noted that further proposals were expected to be developed prior to the final report in July 2007, as solutions to regulatory issues continued to be developed by departments [CBC Min (07) 8/23 refers].
8. On 31 May 2007, the Chair of the Cabinet Policy Committee agreed to extend the report date for the Quality Regulation Review - Final Report to 30 August 2007 [POL Memo (07) 11/3 refers]. This report provides the final report on the Review. It should be read in conjunction with the Cabinet paper entitled "Quality of Regulation Review – Consolidated Legislative Amendments".
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