most UK businesses back strong consumer protection rules to boost economy

In the United Kingdom, new research conducted by Which? has revealed that a significant majority of businesses are in favor of robust consumer protection regulations. Specifically, about 85 percent of businesses surveyed believe that there is either the right amount of regulation or too little in their respective sectors. This sentiment indicates a prevailing acknowledgment among businesses of the potential benefits that regulations can bring to consumer confidence and overall economic growth. With annual figures from UK Finance reporting substantial losses from fraud—totaling £1.2 billion in 2023—the negative impact has been felt not only by individuals but also by businesses as productive capital is siphoned off to criminal enterprises. The findings underscore an important shift in perspective among business leaders, who now view consumer protection regulations as a necessary framework for fostering innovation and investment. Notably, the government has articulated a mission focused on economic growth, as announced by Chancellor Rachel Reeves, but it faces challenges in balancing this mission with the needs of consumers and businesses alike. Many businesses expressed that rather than hindering innovation, consumer protection regulations actually act as a catalyst for it, with 33 percent emphasizing that such regulations drive them to innovate, in contrast to only 15 percent who believe they hinder innovation. As the Prime Minister discusses strategies to boost living standards and economic growth, it is vital to ensure that the voices of the majority of UK businesses are acknowledged, particularly in the context of safeguarding consumers. The evidence suggests that robust consumer protection policies could help level the playing field for all businesses, enhance competition, and ultimately contribute to a healthier economy, benefitting consumers and businesses equally.