Sunday 31 January 2010

What's the cost of regulation?

There are those who oppose government regulation. They claim that such "interference" is costly - and against everyone's interests - except the bureaucrats who are paid to, and gain power from, enforcement. But is this claim justified?

Consumer Protection and "Health and Safety" rules come under constant attack. Yet they are designed to protect. Isn't that one of the main reasons for having Government - to protect members of society from wrongdoing? Heaven forbid that we return to the days when life was cheap and thousands were maimed or killed because of unsafe working conditions. (My great grandfather was one who was killed in an accident in the mines). There are plenty of unscrupulous people out there - and failure to regulate the activities of bankers has cost us all dearly in recent months.

In a recent edition of TS (Trading Standards) Today - the following argument was made

Opinion: People who believe consumer protection regulation is costing British business millions of pounds a year are mistaken, argues Tony Allen.

Read the article here.
What do you think?