A £3m funding pot that will ensure the UK’s rules and regulations keep pace with innovation has opened for applications today.
Regulators and local authorities will be able to apply for funds of up to £200,000 from the Regulators’ Pioneer Fund to deliver initiatives that will help to keep the UK at the forefront of regulatory thinking and experimentation.
Many regulatory functions are performed at a local level, from taxi licensing to trading standards. So for the first time, government has expanded the fund to include local authorities so regulatory innovations can be tested at a local, as well as national, level.
Business Minister Lord Callanan said: “As we look to build back better from the pandemic and make the most of opportunities as an independent nation, we want to ensure our dreamers and disruptors can continue to thrive and are not held back by needless red tape. This £3m Regulators’ Pioneer Fund will help unleash innovation in every corner of the UK by ensuring our rules and regulations keep up with the rate of technological change driven by our brilliant businesses.”
The fund will support projects that allow the UK’s regulatory environment to keep pace with technological advances of the future, such as robot guide dogs and 3D printed food.