The UK is incorporating the precautionary principle into domestic law. This should be balanced with an innovation principle.Innovation is vital for economic growth and prosperity. But there are widespread concerns that badly designed and targeted regulation holds back innovation, due in part to...

The benefits of innovation are unpredictable and hard to quantify. Fear of adverse consequences can lead to excessive emphasis on risk avoidance, leading to regulation that holds back beneficial innovation. The experience in tobacco harm reduction illustrates this.Innovative reduced-risk...