Yes, where it stands now is net zero. That's the way it's couched in policy, so it's essentially a one for one. If you introduce a new regulation, you have to find one somewhere else to come off the books. It creates—or it did in my time— a fair bit of competition between agencies, to ensure that they're not seen to be adding regulation but contributing to the overall effort to hold the line and drive it down.
On February 21st, 2019. See this statement in context.