I’m in dispute with my broadband supplier, TalkTalk. The experience has been dispiriting, tedious and time-consuming. So far, the issue in question remains unresolved. It’s all very alienating and dehumanising. I feel my next stop is the telecoms regulator, Ofcom.
Most regulatory authorities are a product of the privatisations of the Thatcher governments of the 1980s. The state removed itself from the ownership of great assets essential to modern life. Most notably gas, electricity and telecommunications were sold to the private sector. Responsibility for overseeing the behaviour of these markets and their component companies was given to regulators.
The UK has 90 regulatory authorities, all with significant powers. They play an enormous part in the way the country is run and, critically, how services are delivered to the public, and at what cost.
Ostensibly, the regulators are there to protect the public. Telecom regulator Ofcom says, “We make sure people get the best from their broadband, home phone and mobile services, as well as keeping an eye on TV and radio.”
“Tearing down regulatory barriers”
Many in the big business world argue there is too much regulation, viewing it is a brake on profits and new investment. In mid-January, Chancellor Rachel Reeves called for the “tearing down” of regulatory barriers, in the belief that cutting regulation will stimulate economic growth.
Much to the incredulity of millions, Labour continues to shun the glittering prizes on offer from rejoining the EU customs union and the single market. Changing the essential principles of the UK’s regulatory regime could further distance us from the EU’s rules, making a trading reset with Europe harder.
The prospect of deregulation in financial services is a potential threat to the security of savings and investments. Millions remember the shock of seeing hard earned cash evaporate when global markets crashed in 2008. It was “light touch” regulation around the world that brought us close to financial meltdown 17 years ago. The UK was at the centre of the contagion.
Deregulation may give us an economic boost, but what is good for business may not be in the best interests of consumers or society. Standards of customer care and consumer protection may fall. Ordinary life made simply more difficult.
Not in our interests
Arguably, one of the prime reasons for falling levels of support for democratic government is large numbers of people feeling that government is not acting in their interests but in those of the rich and powerful. Once, such emotion moved people to the left. Now, they are tempted by the hard right.
The ordinary member of the public feels increasingly alienated. The prospect of a UK business economy unleased from looking after its customers is more than most of us expect from a Labour government.
I’d better quickly get my complaint into Ofcom. This time next year the system may make things even more complex and difficult than now.
This article was first published in The Herald on 11 February 2025.
More in opinion.
