Vince Cable has launched the Government’s drive to reduce business regulation, which is currently stifling growth. A review is taking place of all regulation in the pipeline for implementation, which has been inherited from the last government.

The business secretary pledged a new approach that will control and reduce the burden of regulation.  A ‘one-in, one-out’ approach, will make sure that any new regulations are only implemented when equal reductions can be made to the existing regulation. 

Cable said: “The deluge of new regulations has been choking off enterprise for too long. We must move away from the view that the only way to solve problems is to regulate.”

British Chambers of Commerce responded to the news, “BCC research shows new employment regulations over the next four years will increase business costs by over £11 billion – so the announcement of an immediate review of all red tape in the pipeline is very welcome.”

According to research, UK small businesses currently spend £2.4 billion on employment law, £2.1 billion on health and safety administration and £1.8 billion on tax.

At Riskdisk we believe anything that will reduce the burden on business administration has to be good news.

Tags: Business, Government, Regulations

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