Chancellor Plans to End Pointless Paperwork to Cut £800m Business Costs
The chancellor has announced plans to slash "form-filling and pointless paperwork" to save UK businesses up to £800m. Ministers claim these proposed changes in regulations, ahead of John Healey's first Budget on Wednesday, will reduce unnecessary bureaucracy for businesses.
This move is part of a wider effort in the Budget to offer more support to households and businesses amid rising costs. The Conservatives countered that Labour has only exacerbated the problems businesses face.
"Labour have finally admitted that endless red tape is hammering businesses and killing jobs across the country," said shadow chancellor Andrew Griffith.
Healey acknowledged that British firms are "fed up with form-filling and pointless paperwork," which he believes will allow businesses more "breathing space" to invest and create jobs.
The Treasury stated that the changes should simplify compliance guidance and reporting rules for firms, saving almost £800m in administrative and tariff costs.
Prime Minister Andy Burnham and Healey are scheduled to meet business leaders on Friday at No 10 North. Burnham expressed his agreement that "pointless bureaucracy gets in the way" of business growth.
The government aims to cut regulation by 25% by the end of the current Parliament.
While Rain Newton Smith, Chief Executive of the Confederation of British Industry, welcomed the plans, the shadow chancellor criticized the unemployment act, arguing it has only made the situation worse, particularly for young people.