Almost every aspect of life in the UK is now affected by the actions of industry regulators. It has been estimated that there are now more than 200 separate organisations with regulatory powers in the UK employing in excess of 13,000 staff and costing more than £1bn annually.

In most other countries economic regulation is exercised directly by central government. In the UK regulation is carried out by specially constituted bodies operating, in theory, at arm’s length from the Government.