HM Treasury Regulation Action Plan update: TPR provides progress update on 2025/26 commitments
HM Treasury has issued its ‘Regulation Action Plan – Progress Update and Next Steps’ setting out measures to reduce the administrative burden of regulation on businesses by 25 percent, equivalent to £5.6bn a year, by the end of this Parliament. The Action Plan, first published in March 2025, forms part of the government’s ‘Modern Industrial Strategy’ to ensure that the UK’s regulatory framework promotes growth, innovation and productivity. The Action Plan also records commitments from regulators to encourage innovation and economic growth, while maintaining accountability for both the quality of new regulations and the independence of regulatory enforcement. Newly published Annex B provides an update against the ‘Key Regulator Pledges’, including those from the Pensions Regulator (TP).