In a word, yes. I am a voluntary member of the Regulatory Reform Group, which my hon. Friend so ably chairs. As we look at the context of these amendments, it is important to strip away the B-word and remind ourselves of the purpose of regulation. Hastily proposed regulation, without a clear policy objective and without sufficient consideration for the costs involved, is without doubt a bad thing, but hastily repealed regulation, without proper evidence-based decisions, can also be a very bad thing.
When we talk about the burden of regulation, looking at the mere number is, by no means, the whole picture. Indeed, it can be very misleading, because it is the type of regulation that is most important. That is why the way in which we undertake cost-benefit analysis of regulatory burdens is so important and, in some ways, deficient—it is not dynamic enough, and it does not deal with the developing or cumulative effects of regulation on competition. We might end up in a situation in which the opposite of a policy objective is obtained. We have seen examples where a monopoly might be entrenched or competition undermined, which is neither good lawmaking nor good regulation.
The Government have tried a number of initiatives: one in, one out; one in, two out; and business impact targets in the mid-2010s. The 2015 Parliament saw a downturn in the cost of regulation but, of themselves, such initiatives do not achieve their purpose, for which, to invoke my right hon. Friend the Member for North East Somerset again, political will is needed.
Looking at the Government’s business impact targets for 2020-21, the biggest saving in direct costs to customers and businesses was the £3.6 billion reduction achieved by the Ministry of Justice, which I then led, through the whiplash civil law reforms that resulted in savings for insurers and consumers. It is a successful example of how a well-targeted regulatory and legislative change can make a difference. We can do it, and we must do it. I think all Conservative Members would vigorously agree with that approach.