By Max Clarke
Efforts by the government to strip away unnecessary regulations have saved businesses a total of £3 billion in costs, the department for Business Innovation and Skills has said.
The Department today published its 2011 full-year summary into the effects of removing existing and introducing new regulations, finding a net gain for business exceeding £3bn.
“During 2011 we have made real progress in cutting the costs of red tape for businesses,” commented Business Minister, Mark Prisk. “As well as the £3 billion saving for employers from the new indexation of pensions, we have seen a capping of other regulatory costs, and a substantial rise in the numbers of deregulatory measures.
Today's Statement of New Regulation specifically detailed a tripling of deregulatory measures; a lowering of adjudication costs to main contractors and sub-contractors; a reduced burden on companies when updating information on public record; as well a a host of separate improvements in the UK’s regulatory culture.
“This is an encouraging sign that the culture in Whitehall is beginning to change. People are beginning to realise that regulation must be the last resort, not the first option. There is much more to do - especially so that businesses really notice the difference - but this first year is very promising."
Work, however, still needs to be done in deregulating the UK’s business environment. Whilst welcoming progress to date, the UK’s leading manufacturing organisation, EEF, this morning reissued their plea to continue removing regulation in order to nurture UK manufacturing.
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