The new Regulatory Innovation Office (RIO) will reduce the burden for businesses hoping to bring new products and services to the market in some of the UK's fastest-growing sectors.

To do so, it will support regulators to update regulation, speeding up approvals, and ensuring different regulatory bodies work together smoothly. It will work to continuously inform the government of regulatory barriers to innovation, set priorities for regulators which align with the government's broader ambitions and support regulators to develop the capability they need to meet them and grow the economy.

The RIO's mission will initially support the growth of four fast-growing areas of technology making a difference to people's lives before backing further technologies and sectors as the office evolves. These are engineering biology, artificial Intelligence and digital in healthcare, and connected and autonomous technology.

The cross-cutting nature of these emerging technologies, which do not fit neatly into existing regulatory frameworks can mean a slower process in getting them onto the market. The RIO will work closely with government departments including the Department for Transport, the Department for Health and Social Care, and the Department for Environment Food and Rural Affairs to address regulatory barriers in these initial growth areas.

The new office will also bring regulators together and working to remove obstacles and outdated regulations to the benefit of businesses and the public, unlocking the power of innovation from these sectors to generate tens of billions of pounds for the UK economy in the coming years.

Science and Technology Secretary, Peter Kyle, said: ‘From breakthroughs that could help doctors diagnose illnesses earlier to satellite navigation for more accurate weather forecasting and getting emergency supplies to where they are needed, quickly and effectively, RIO will make sure UK companies are at the forefront of the next generation of technologies.'

The Science and Technology Secretary is in the process of appointing the RIO's first chair.