The Chancellor said the government has boosted its drive to “scrap pointless paperwork” and speed up planning delivery, to save firms £6bn a year by the next election.  

Rachel Reeves (pictured) said the administration would “crackdown on needless form-filling” that will see over 100,000 firms qualify for simpler corporate reporting rules.

The measures follow on from Prime Minister Keir Starmer’s March pledge to cut business admin by 25% by the end of this Parliament. 

Reeves said: “Our mission is clear — to create the right environment for investment through our regulatory reforms, to crowd in capital through our public financial institutions, to break down silos to collaboration on local projects, and to support innovation and growth throughout the UK.” 

She was speaking to more than 350 business leaders, local mayors and investors at the government’s first Regional Investment Summit in Birmingham. 

Reeves set out plans for digital planning checks that could see developers send photo evidence to authorities online, which can then be approved using trained AI models.   

She added that a new online map of underground cables and pipes will also help planning officials and builders “avoid lengthy and costly delays caused by accidental damage, without having to contact multiple utility companies”. 

The summit also announced £10bn of new investment from private firms for projects across the UK. 

One such scheme unveiled by the government, is that the Crown Estate has purchased land in Harwell East with the potential to build new advanced manufacturing spaces and laboratories – creating 400 new homes and 30,000 jobs nationwide.   

UK Finance chief executive David Postings said: “Ensuring the regulatory framework is simpler and more proportionate is a key part of ensuring the UK has a pro-growth operating environment.  

“This will in turn help the financial services sector to thrive and support growth in the wider economy.” 

The meeting also comes as government pushes ahead with its flagship Planning and Infrastructure Bill, which it said will sweep away a range of restrictions that currently hold up new projects. 

The Bill moved to its report stage in the House of Lords om Monday, after clearing its third reading in the House of Commons in June. 

The government says the legislation is on track “to become law this year”.    

Last month, the Financial Conduct Authority drew up plans to cut data reporting for 11,000 retail broker firms.    

This followed reductions in disciplinary action regulatory returns announced in August, that the City regulator said would ease burdens for 36,000 firms.   

All financial watchdogs have been under pressure to cut red tape following a Mansion House speech by Chancellor Rachel Reeves last November, where she said that easing regulatory burdens on firms was an imperative to boost UK growth.