Philip Hammond has unveiled a review of the way in which the energy, telecommunications and water industries are regulated.

The Chancellor has asked the National Infrastructure Commission to carry out the probe.

“The UK has a world-class regulatory system, which protects the interests of consumers,” the Treasury said.

“But it needs to be fit to respond to the challenges of the future to remain cutting-edge.”

Encouraging investment

The Treasury added that the review “will ensure they have the ability to encourage investment, promote competition and innovation and meet the needs of consumers in the 21st-century”.

Hammond’s announcement on regulation came as part of a package of measures designed to “support business to boost skills, growth and prosperity in the new economy”.

The package included reform of the apprenticeship levy, cash to train small business managers and details of the national retraining scheme.

> Read more about the package of measures