LONDON

British premier Keir Starmer on Monday pledged to “bring back the animal spirits of the private sector” by reducing the regulatory burden on businesses.

In a column in the City AM newspaper, Starmer wrote that his government will launch a “short, sharp process” to identify regulators and regulations that could be removed or merged to streamline the regulatory system.

“To deliver economic growth – the number one mission of this government – we need to unleash the power of the private sector,” he wrote.

Because of red tape, doing business in the UK is harder and more costly than a decade ago, he added.

"Reshaping our state, our regulatory system, our economy, is not the work of weeks and months. It will take years of discipline, focus and a willingness to make tough choices," Starmer wrote.

His Labour government is already implementing measures to remove “unnecessary” environmental regulations that delay infrastructure and housing construction, he added.

Starmer also says it is “an outrage” that the government is unaware of how much it costs businesses to comply with the regulations.

He vowed that his government would determine compliance costs and slash them by 25% by the end of his term.

“And instead of making it harder to start a new business that might disrupt the status quo, regulators are committing to sandboxes that encourage innovation,” he wrote.

Starmer’s regulatory reform pledge comes as the UK faces sluggish economic growth. In February, the Bank of England said it expects the economy to grow 0.75% this year.