Business Minister Michael Fallon is welcoming a boost to the UK’s businesses today as ‘Freedom Day’ has arrived – the day that dozens of cuts to business red tape come into force, hopefully making life a bit more hospitable for a huge number of the UK’s small and medium businesses. These reforms are responding directly to issues flagged up by businesses through schemes such as the Red Tap Challenge, which invites firms to have their say about which regulations should be improved or even scrapped altogether.
Many of the reforms coming into force will save millions across the UK business landscape. Simplifying the way firms use their assets to raise finance will save more than £21 million. Changes include moving registration and payment online, as well as introducing a UK-wide registration for the first time.
There are many deregulatory changes coming in, changing the way building regulations work as part of a wider package that will save businesses in total £50 million per year, while also making sure that businesses remain safe and sustainable. Some of the reforms which take effect will reduce administration on low-risk electrical works, as well as helping give clearer and more consistent guidance on requirements for access to buildings, glazing and other issues. Many reforms will drive to simplify health and safety requirements, and will save many types of businesses huge amounts of money.
“Setting businesses free from the restrictions that hold back enterprise is a compulsory step on the road to growth,’ commented the Business Minister Michael Fallon; “We’ve listened to firms and taken prompt action where regulation presents barriers – but there is still a huge amount to do. We will quicken the pace by launching a new phase of the Red Tape Challenge this summer, focusing on key areas for growth.”
With a total of 1,500 regulations already identified for reform through this process, it all looks like the government is taking a step in the right direction when it comes to red tape for the UK’s businesses.