Latest Solicitors News - June 2010
Red tape costs increase for British businesses
The British Chambers of Commerce (BCC) has called on the government to use the Queen’s speech as a chance to repeal regulations which cost more than they achieve, after its Burdens Barometer showed that the costs for businesses of red tape and new directives rose by £11 billion in the last year.
According to the research – compiled by the London and Manchester Business Schools – the cumulative regulatory expense for British businesses since 1998 has now reached £88.3 billion, with the sector being hit by 40 new rules since 2009.
While 21 of the 40 new rules have resulted in a recurring annual benefit for UK businesses, the net result is still a yearly cost of more than £1 billion.
Businesses in London and the South-East have taken the biggest hit, with outlays of £14.78 billion and £14.2 billion respectively.
The Conservative-Liberal Democrat coalition has already pledged to help business owners in its programme for government, with plans for existing rules to be cut back before new ones are introduced and regular reviews of regulations. The government has also vowed to remove the ‘gold plating’ of EU rules, which disadvantages British businesses compared with their European rivals.
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