New technologies, like AI for better treatments in the NHS and drones delivering emergency supplies, could reach the public faster through a dedicated new office.
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 fastest-growing sectors.
This would be achieved through innovations like–AI training software for surgeons to deliver more accurate surgical treatments for patients and drones which can improve business efficiency and quickly send critical deliveries to remote parts of the country.
The announcement comes ahead of further plans to "reduce the burden of red tape".
The new Office will also help set the scene for when the UK hosts the International Investment Summit on Monday 14 October, where the Chancellor will make clear that the UK is “open for business” as the government resets relations with trading partners around the globe.
The RIO’s mission will initially support the growth of some of the fast-growing areas of technology before backing further technologies and sectors as the Office evolves.
These include engineering biology, which is the use of synthetic biology and biotechnology to create new products and services derived from organic sources.
Growing the UK's space industry is also one of the top priorities, and the investment will support everything from GPS on phones to vital communication systems, as new innovations improve their weather forecasting to disaster response systems.
AI and digital in healthcare will also be a priority.
Science and technology secretary, Peter Kyle, said: "The launch of the Regulatory Innovation Office, a key manifesto commitment, is a big step forward in bringing the UK’s most promising new technologies to the public faster and safely while kickstarting economic growth.
"By speeding up approvals, providing regulatory certainty and reducing unnecessary delays, we’re curbing the burden of red tape so businesses and our public services can innovate and grow, which means more jobs, a stronger economy, and a better quality of life for people across the UK.
"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."
