A 'Singapore-style' planning system should be trialled in major city-regions, with mayoralities such as Manchester and Birmingham leading reform, according to Pension Insurance Corporation (PIC).
In its report, 'A Few Good Regulators', the specialist defined benefit pension insurer says faster approvals could unlock stalled housing, redevelopment and infrastructure projects.
Singapore completes construction permit approvals around 59% faster than the UK, which PIC estimates could save roughly 10.5 months per project, around £18,167 per unit, or £6.4bn in total.
PIC calls on the Government to give ambitious city-regions the tools to pilot faster approvals, and to audit and combine public land holdings to enable larger developments.
The report also recommends benchmarking every UK regulator against its best global peers, with near-automatic sign-off for products already approved by trusted overseas regulators.
