Regulators budget ‘to top £1bn’

Regulators budget 'to top £1bn'

27 top regulators earn more than the prime minister, report says.

The combined budgets for the UK’s regulators are set to hit £1bn this year, a
new report claims.

The 27 high-ranking officials of the various regulatory bodies are also
revealed to earn more than £187,000, the salary of the prime minister.

The TaxPayers’ Alliance survey,
commissioned
by the Daily Telegraph
, analysed the country’s top 10 regulators, including
Ofgem, Ofwat, the Financial Services Authority, the Food Standards Agency and
Ofcom.

The report also raised concerns about ‘revolving doors’ between regulators
and the companies they monitor, examples including a former regulator for
electricity and gas market regulator Ofgem joining Centrica, the parent company
of British Gas.

Michael Meacher, a former minister believes that ‘regulators know that if
they don’t rough up the industry too much, they will get a plum job when they
leave’.

Corin Taylor, the research director at the TaxPayers’ Alliance, said:
‘Britain’s quango state is getting out of control. The regulators are sucking
more and more money from taxpayers, are often failing to do their job properly
and are virtually unaccountable.’

Further reading

‘Too
close’ to the firms they must regulate

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