The government has targeted the home buying and selling process in its wide-ranging ‘blitz on business bureaucracy’ – with nearly £2m set aside for a new land data framework to modernise conveyancing searches and a framework for upfront information to be shared digitally.
Following yesterday's landmark regional investment summit, where chancellor Rachel Reeves promised to cut business red tape, the Department for Science, Innovation & Technology (DSIT) today announced an £8.9m boost for 16 projects ‘to cut through outdated red tape so that the UK’s innovators can get new technologies out of the lab and into use sooner’.
The funding, which will be delivered through the Regulatory Innovation Office, includes £999,592 for a new independent framework to modernise conveyancing searches and £742,700 for the Council for Licensed Conveyancers, a specialist regulator, to test new trust standards for 'smart property data'.
The CLC said it will work with Raidiam, the team behind open banking, and the Open Property Data Association to create a property data trust framework. The framework will include 'sandbox testing' of the technical infrastructure needed to underpin the regulatory, security and governance standards for firms that need to access and share property data.
Science and technology secretary Liz Kendall said: ‘Every day across the country new products are being invented that have the potential to transform lives and revolutionise public services. But all too often, we are held back from taking advantage of them by red tape that simply hasn’t kept pace with the scientific and technological advances.
‘That’s why we’re backing our regulators to work together with industry, to make the rules fit for purpose, and unlock breakthroughs that will deliver national renewal by driving our economy forwards faster, easier, and safely.’
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