Eric Schmidt, former chief executive of Google, has warned that excessive regulation and bureaucracy are holding back the UK’s economic growth and progress towards its net zero goals.
Speaking at Sir Keir Starmer’s investment summit, Schmidt suggested the UK government would benefit from appointing a “minister of anti-regulation” to tackle these issues, which he believes are hindering investment and stifling innovation.
Schmidt argued that regulatory delays are obstructing the country’s green ambitions, particularly the goal of reducing emissions by 68% by 2030 under the Paris Agreement. He stressed the need for urgent action, noting that without reform, the UK would fail to meet its decarbonisation targets.
The remarks come as ministers acknowledge that slow grid connections and bureaucracy threaten their efforts to create a net zero power system by 2030. Business Secretary Jonathan Reynolds echoed Schmidt’s concerns, admitting that regulatory delays are one of the UK’s biggest challenges, particularly in the renewable energy sector, where projects like offshore wind farms can take over a decade to approve.
Rachel Reeves, the Chancellor, also criticised the failure of past water regulation, pointing to the ongoing crisis in Thames Water and a lack of investment in infrastructure. Reeves highlighted that investment is urgently needed, but any price increases must be directed towards improvements rather than shareholder profits.
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