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News - 6 January 2015

Government minister claims that the war on red tape has saved businesses millions.

The Business Minister Matthew Hancock has announced that the government’s war on red tape has saved business £10 billion over the last 4 years, and could deliver a total £20 billion of savings by 2020, by scrapping even more pointless regulations.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“The Red Tape Challenge was driven by 30,000 businesses and members of the public from across the UK and overhauled regulation to make sure it works for and not against business. One of the main areas for this is the strict One-in, Two-out rule, meaning government departments are required to find a double cost saving for any new regulation imposed on business.”

New reforms set out in the Statement of New Regulation, which details all regulatory changes to affect business made over the full course of the Parliament, include:

  • housing standards: streamlining hundreds of technical housing standards to just 5 national standards, saving house-builders and councils £96 million per year.
  • driving reforms: removing the requirement to return motor insurance certificates if a policy is cancelled mid-term, saving insurers and other businesses nearly £30 million per year

Dr Adam Marshall, Executive Director of Policy and External Affairs at the British Chambers of Commerce, said:
“The government is making a real and concerted effort to cut red tape for businesses, helping to save them time and money. The ‘one-in, two-out’ rule has dramatically slowed the flow of new business regulations from Whitehall departments, giving firms greater confidence to focus on growth.”

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Liz Kennett now to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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