Michael Fallon is a decent man from my experience of meeting with him in March 2010. He is now 60 and served in the governments of both Margaret Thatcher and John Major.
He rightly admits that not nearly enough has been done for business since the coalition Government was formed and says that: “We’ve got to accelerate and scale up.”
Even Andy Haldane, executive director of financial stability at the Bank of England, reckons financial regulation is too complicated and that the rulebook should be torn apart. He is quoted as saying that “complexity generates uncertainty and it requires a regulatory response founded in simplicity – less may be more”.
To this end, Fallon announced this week a radical new “scrap as you go” plan aimed at doing away with (or substantially scaling down) some 3,000 regulations that hamper business by the end of next year.
So, while not wishing to promote the new Rolling Stones album, I would simply say Grrrrrrrrr, please take a time out, FCA, and think, is this really needed?