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Conservative party admits regulatory cost could rise

Despite attacking the UK government for its record on regulation and the cost of regulation the Conservative party has today admitted that the introduction of a new "Consumer Protection Agency" would likely see an increase in the cost of regulation in the short term. This is a bitter blow to UK companies who had hoped that the introduction of a new government could lead to a simplification of the regulatory framework and hopefully a reduction in cost.

Over the last 12 months we have seen a number of new regulatory issues brought to the fore and the extra cost is starting to, and will continue to, impact upon many businesses both in the financial industry and outside. Tory plans to simplify the regulatory environment in the UK could take some time to implement and we could feel short term pain in this particular arena. Whether a potential increase in costs will place pressure on the Conservatives to abandon a wholesale reorganisation of the regulatory framework remains to be seen but David Cameron will need to tread very carefully to keep businesses onside.

Even though the UK regulatory system would appear on the surface anyway to have failed during the latest credit crunch and economic downturn, the fact is that such an event has never been seen since the 1930s. Surely common sense should prevail when companies are chasing their next pound of profit during the boom times?

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