Red tape cuts ‘have helped businesses’

The burden on businesses has been reduced due to cuts in red tape, with benefits outweighing the costs of regulation by about £850 million, the Government has said. According to ministers, the one-in, one-out system, whereby new regulations must be offset by cuts in other areas, is helping firms. Enhanced accounting rules and simplified criminal record checks have been introduced thanks to the new measures, the Business Department said, and small businesses have also been aided with their company reports. Mark Prisk, business minister, said the measures show the Government is “making steady progress” while trying to improve the regulatory environment for businesses. “It demonstrates the effectiveness of the one-in, one-out system, where Government only regulates when it is in the interests of the economy or clearly necessary for personal safety,” Mr Prisk said. “It will take time for the difference to be felt by business, and some sectors will feel greater relief sooner than others, but I was encouraged by the recent business perceptions survey, which showed that fewer firms feel that regulation is an obstacle to their business compared to 2009.” Our experienced Corporate and Commercial team provides a wide range of transactional services. For advice, contact a member of the team: call us on 08456 381381 or email corporate@ibblaw.co.uk.