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,
by the Daily Telegraph, analysed the country’s top 10 regulators, including
Ofgem, Ofwat, the Financial Services Authority, the Food Standards Agency and
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
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.’
Plans to tackle criminals defrauding London’s councils have taken a major step forward with the appointment of CIPFA to provide data analytics for the London Counter Fraud Hu
Government services will be decimated if proposed reforms to IR35 in the public sector go ahead, a study has warned
CIPFA and EY form partnership to produce fully compliant accounts for local authorities
Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution