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OECD Reviews of Regulatory Reform: United Kingdom 2002

Challenges at the Cutting Edge

image of OECD Reviews of Regulatory Reform: United Kingdom 2002

The OECD's review of regulatory reform in the UK. The review finds that the United Kingdom presents a stimulating contrast of tradition and modernity, which is reflected in a mature and innovative regulatory system. The broad sweep of its reforms is impressive. Continuous reforms of the regulatory management system, the competition policy and law as well as in the regulatory regimes of key economic sectors are a strong basis for ensuring high quality regulation contributing further to drive economic performance. The UK was early in liberalising its public utilities and in developing new regulatory approaches to the complex problems of managing the network industries. It was also among the first countries to introduce a system of regulatory impact assessment, which, along with competition policy and law, has been continuously updated since. It has a reputation for having a regulatory environment that is among the most supportive of market openness and global competition in the world. The UK now faces challenges typical of a mature regulatory regime at the cutting edge of developments. Complexity and diversity - of regulatory objectives, of the institutional architecture and of procedures - are major issues to be continuously monitored. Building on these efforts and continuing to address regulatory challenges and areas of weaknesses will permit the UK to maintain itself as a leader in regulatory governance.

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Market Openness

The UK has a long tradition of open trade and an open investment climate. It was a founding member of the GATT, and is a strong supporter of the WTO and its obligations. It is active in EU and international trade liberalisation initiatives, and has rarely been at the centre of trade or investment disputes. Domestic and international policies are geared to enhancing both the attractiveness of the domestic market for foreign business and the international competitiveness of UK firms. Policy toward foreign direct investment (FDI) is very liberal, in the wake of significant restructuring of the manufacturing sector to counter loss of competitiveness.

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