Potential large-scale reductions in staffing levels in regulators will not be achieved without fundamental changes in regulatory approaches. In the Spending Review 2021, the regulators received funding settlements they believed were sufficient to enable them to fulfil their post-EU Exit regulatory responsibilities. Since then, they have been asked (along with the rest of government) to model headcount reductions of 20%, 30% and 40%. Although it is not clear what cuts they may eventually be asked to make, all three regulators are clear that delivering their expanded responsibilities 6 Regulating after EU Exit with headcount reductions on this scale will be extremely challenging. For example, FSA’s SR21 settlement provided for a growth in staff numbers to fulfil its new responsibilities after EU Exit and to directly employ veterinarians. Any future requirement to reduce its number of veterinarians would have a significant impact on the meat industry which, under current regulations, cannot place meat on the market in the UK or export it without veterinary oversight. Regulatory reform to adopt a more risk-based approach could reduce the need for veterinarians, but this would require legislative change. Recommendation: The regulators and policy departments should identify the impact of potential cuts on regulatory risk and set out where significant changes in the regulatory model would be needed to balance the two.