By Daniel Hunter

Businesses welcome the progress of the Red Tape Challenge following the announcement by Business Minister Matt Hancock that £10 billion has been saved over the past four years. Mike Cherry, Federation of Small Businesses National Policy Chairman, says:

“Our members are wholeheartedly behind the drive to cut the excessive red tape, and ensuring those regulations that are introduced are proportionate and based on robust evidence. The Business Taskforce and the ‘One-In-Two-Out’ rule are lightening the administrative burden and allowing ambitious businesses to innovate, grow and take on new staff. As important, they are also changing the mindset in Whitehall, making departments think far harder before they bring forward new regulations.

“While we all welcome these cuts in red tape, it’s clear that there is always more to do to improve domestic regulation and that coming from the EU. Concerns surrounding new areas of stress, like the coming rules on how VAT is applied to digital services sold in Europe, show that regulation will continue to be a key concern to businesses now and beyond the next general election.”