In 2014 Dr Chris Decker and Professor Christopher Hodges were contracted by the British Retail Consortium to carry out a study on GSVR given their research expertise in this area.
In their report, Dr Decker and Professor Hodges recommended that the process for introducing GSVR should be evaluated in the same way as formal legislative regulation. This might include formal measures such as Impact Assessment, and the consideration of any proposals by the Regulatory Policy Committee (the RPC). Decker and Hodges discussed this issue with the Better Regulation Executive and were asked to present their report to the Regulatory Policy Committee. Dr Decker also recently presented their findings at the London School of Economics. They are currently in the process of writing an article on the topic.
On the 3rd of December 2014, the Chancellor delivered his Autumn Statement which announced that GSVR will now be subject to the regulatory impact process. Dr Decker and Professor Hodge’s key recommendation to evaluate Government-Sponsored Voluntary Regulation in the same way as other types of regulation has basically been adopted by the government with considerable speed. This has a significant potential impact both on businesses and the economy.