Politicians also have a love affair with the 'small business exemption.' Too much paperwork? Too heavy a burden? Not enough time? Just exempt small businesses from the rule. It sounds so pro-growth. Instead it's an admission that the costs of a regulation just can't be justified.
In principle there are only three main components of spending that much matter to monetary policy: consumer spending business investment and exports and trade.
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Today I can announce a raft of reforms that we estimate could save over 2.5 million police hours every year. That's the equivalent of more than 1 200 police officer posts. These reforms are a watershed moment in policing. They show that we really mean business in busting bureaucracy.
