Robert Lloyd-Griffiths, director of ICAEW in Wales, has called for a fundamental shift in how the regulatory system interacts with businesses, arguing that removing barriers is essential for improving productivity and unlocking investment. In a statement published on June 26, 2026, he emphasised that making it easier to do business is not a luxury but a necessity for strengthening the Welsh economy.
Businesses Face Everyday Barriers
According to Lloyd-Griffiths, spending time with businesses across Wales reveals a consistent message: ambition and resilience are present, but the system often makes things harder than necessary. He noted that challenges range from navigating complex processes and managing rising costs to dealing with uncertainty that slows decision-making. For smaller firms in particular, these pressures are immediate and practical, not abstract.
“If we are serious about strengthening the Welsh economy, we must focus on removing those barriers,” he said. “Making it easier to do business is not a nice-to-have; it is fundamental to improving productivity, unlocking investment and creating better opportunities across our communities.”
UK Small Business Regulatory Taskforce
Lloyd-Griffiths highlighted encouraging signs that this agenda is gaining traction, pointing to the creation of a Small Business Regulatory Taskforce at the UK level. The taskforce, which includes organisations such as ICAEW, aims to reduce the administrative burden of regulation. He noted that ICAEW’s chief policy and communications officer, Iain Wright, has been appointed as a member of the taskforce, which is co-chaired by the Minister for Small Business and the Federation of Small Businesses.
The taskforce is operating with an initial eight-week programme to gather real-world evidence and identify specific friction points that businesses encounter. ICAEW is leading work on modernising regulatory submissions, an area where Lloyd-Griffiths believes relatively targeted reform could have a disproportionately positive impact on efficiency and compliance.
Key Challenges Identified
From the perspective of ICAEW members, businesses frequently point to duplication, unclear guidance, and inconsistent approaches across regulators as key challenges. “These are exactly the kinds of pain points that the taskforce is seeking to address,” Lloyd-Griffiths said, encouraging members to provide further thoughts on specific regulations preventing growth.
He stressed that the goal is not to cut corners or dilute standards. “Effective regulation is essential. But it must be designed with the end user in mind – by being proportionate, transparent and straightforward to navigate.”
ICAEW’s Manifesto for Wales
These themes are central to ICAEW’s manifesto for Wales, which sets out the issues businesses say are holding them back: it is too difficult, too expensive, and too uncertain to do business in Wales. The proposed solutions include simplifying how businesses interact with government, reducing unnecessary costs where possible, and providing greater certainty so firms can plan, invest, and grow with confidence.
Lloyd-Griffiths noted that this is grounded in the day-to-day experiences of firms across the country, from family-run rural enterprises to larger organisations with international reach. He emphasised that engagement with businesses will be critical to the taskforce’s success, and ICAEW is actively encouraging members across Wales to share practical examples of regulatory burdens and targeted reforms.
Alignment with Welsh Government Priorities
There is growing alignment between these priorities and the direction of travel in Wales. The new Welsh government is committed to improving productivity and driving sustainable economic growth. “Productivity is not an abstract economic term; it is the foundation of higher wages, improved living standards and stronger public services,” Lloyd-Griffiths said.
He stressed that improving productivity cannot be separated from the business environment itself. Efforts to streamline processes, improve infrastructure, and support enterprise all point toward creating conditions in which businesses can thrive. “The opportunity now is to build on that intent and ensure it translates into practical, on-the-ground improvements. Because, ultimately, it is delivery that will make the difference.”
Infrastructure and Skills Concerns
Infrastructure remains a key concern, with businesses highlighting the importance of reliable transport and digital connectivity for accessing markets and attracting talent. Skills shortages are also a significant issue, with many organisations struggling to find the people they need to grow. With more than 3,000 members across Wales, ICAEW sees first-hand what enables growth and what gets in the way.
Lloyd-Griffiths noted that business confidence in Wales has been fragile, and while there are strengths in sectors such as advanced manufacturing, energy, and creative industries, global uncertainty continues to weigh on investment decisions. “Against that backdrop, creating a more supportive and predictable business environment becomes even more important. It is one of the most practical levers we have to boost confidence and encourage long-term investment.”
A Call for Practical Change
Concluding his statement, Lloyd-Griffiths said that Wales has all the ingredients needed to succeed – talent, innovation, a strong sense of identity, and a growing track record in key sectors. “What we must ensure is that the framework around our businesses enables, rather than constrains, their ambitions.”
He added that there is no single policy that will deliver growth on its own, but making it easier to do business by simplifying processes, reducing unnecessary friction, and providing greater certainty is one of the most effective steps we can take. “If we get this right, the benefits will be felt not just in boardrooms, but in communities across Wales.”
