A Pro-Innovation RIO

Today we have published a new paper setting out its wishlist for the recently established Regulatory Innovation Office (RIO).

Timed to follow the appointment of Lord Willetts as Chair of the UK’s RIO, the report builds on the Government’s commitment to economic growth and the Chancellor’s recent “go for growth” Regulation Action Plan designed to cut red tape and boost innovation.

The paper calls on RIO to:

Clear the way for investment by actively engaging with the market and monitoring global regulatory trends.

Hold other regulators accountable through regular audits based on clear metrics, including approval times and startup engagement.

Act as a front door for startups, providing guidance, streamlining routes to market, and removing outdated regulatory or legislative obstacles.

RIO, a Labour manifesto commitment, was established in October 2024 to remove barriers and accelerate market entry for emerging technologies. With a new Chair in place, now is the time to deliver on this ambition. For RIO to add value, it will need to sit above regulators as the coordinating authority with a bird’s eye view across the economy and out over the horizon, as well as the power to direct and guide regulators toward innovation and growth.

Key recommendations include:

Creating a £25m ‘Innovation Accelerator Fund’ to support regulators in promoting pro-growth initiatives
Implementing regular reviews of regulatory burdens with clear recommendations for improvement.

Establishing reciprocal arrangements with international markets to fast-track go-to-market for innovative products where they have been approved by equivalent regulators.

Establishing RIO as a one-stop support centre for startups to navigate complex regulations and report regulatory barriers.