Fears over the cost of the government’s proposed new building safety system are growing after it emerged that the reforms could cost the industry more than £1bn their first three years.

An impact assessment issued alongside yesterday’s Building Safety Bill estimates that the residential development industry faces two-year transitional costs of £731m in moving to the new system, with an ongoing annual regulatory burden of £284m thereafter. The costs would add up to a bill of more than £3bn over the next decade.

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