Good regulation is essential, to protect employees, consumers and the public, as well as the environment. To argue that the market should be allowed to be the determinant of working conditions, together with a bit of exhortation to employers to behave decently, is to accept the Victorian approach that allowed children to work in coal mines.

The massive problems in the finance sector recently also show only too well the impact of weak regulation and de-regulation.

That said, Governments do not always get it right when they do regulate and there is undoubtedly some regulation that is no longer necessary, or is out of date, or is over-complicated or hard to enforce. Neither have Governments showed themselves to be very good at assessing public risk or balancing public health and environment protection with innovation and growth. As the former Risk and Regulation Advisory Council suggested, risk is often assessed through the prism of media sensationalism, political point scoring, civil service attachment to legislation and “risk mongers” such as insurance companies that have a vested interest in talking up risk.