Former Google CEO Eric Schmidt has warned that excessive regulation and bureaucracy are holding back Britain’s economic growth and progress towards net zero targets.
Speaking at Sir Keir Starmer’s investment summit, Schmidt suggested the UK government would benefit from appointing an “anti-regulation minister” to tackle these issues, which he said are holding back investment and hindering innovation.
Schmidt argued that regulatory delays are hampering the country’s green ambitions, especially its target to cut emissions by 68% by 2030 under the Paris Agreement. He stressed the need for urgent action, noting that Britain would fail to meet its decarbonization targets without reforms.
The comments come as ministers acknowledge that slow grid connections and bureaucracy threaten their efforts to create an energy-neutral system by 2030. Business Secretary Jonathan Reynolds echoed Schmidt’s concerns, admitting that regulatory delays are one of Britain’s biggest challenges, especially in renewable energy. sector, where it can take more than a decade for projects such as offshore wind farms to be approved.
Rachel Reeves, the Chancellor, also criticized past failures of water regulation, pointing to the ongoing crisis in Thames Water and a lack of investment in infrastructure. Reeves stressed that investment is urgently needed, but any price increases should be aimed at improvements rather than shareholder profits.
Schmidt’s call for regulatory reform joins other industry voices, including Octopus Energy CEO Greg Jackson, who recently urged the government to reduce barriers to heat pump installations, which are key to the green energy transition in Great Britain. Jackson criticized the need for a building permit for heat pumps, arguing that regulatory hurdles deterred potential customers and slowed progress.