An effort to remove time-consuming and costly red tape from the process of running a business has saved £1.2 billion, the government says.
The government’s One-in, Two-out rule on red tape introduced in January 2013 has ensured that the government is on track to achieve an overall reduction in the cost to business of new regulation.
According to the coalition’s new Statement of New Regulation, a saving of £1.2 billion has been made in net annual costs to businesses around the UK.
Business minister Michael Fallon says that, alongside low taxes and ‘sound’ economic management, the government is reducing bureaucratic hurdles to help companies grow.
‘But small companies still struggle with damaging red tape – much of it from Europe,’ he adds. ‘So we’ll continue to demand faster reform in Brussels as well as across Whitehall.’
The government would like to see the European Commission publish an annual statement of the net cost of EU legislation, identify what red tape originates on the continent and allow firms to have an influence on EU proposals at an earlier stage.
More on red-tape measures:
- Government declares ‘freedom day’ for SMEs as it cuts red tape
- Bonfire of ‘excessive red tape’ kicked off
- One-on, One-out red tape regulation
The latest measures to be included in the Statement of New Regulation include businesses no longer having to fill in waste transfer notes, making it easier for businesses to comply with employment law and simplifying the process of choosing a company name.
As part of the drive, the Department for Business Innovation & Skills (BIS) is extending the right to request flexible working to all employees and modernising the consumer credit framework.