Chancellor Rachel Reeves will today announce sweeping reforms to company regulation to make it easier and quicker to do business.
More than 100,000 firms will qualify for simpler corporate reporting rules, freeing up businesses such as micro-breweries and family-run cafes from submitting lengthy director reports to Companies House.
There will be greater use of artificial intelligence in planning checks [in England and Wales], while thousands of banks, insurers and asset managers will be subject to less frequent data returns.
The overall package aims to save British businesses £5.6bn a year by the end of the parliament.
Addressing an audience of more than 350 business leaders, local mayors and investors from around the UK at the Government’s first ever Regional Investment Summit in Birmingham, the Chancellor will say: “Our mission is clear: to create the right environment for investment.”
Those attending are from a range of sectors, including financial services, professional and business services, real estate, energy, digital technology, transport, life sciences and manufacturing.
Private sector leaders will be joined by public sector representatives from central government, the English regions including [12 of the 14 mayors and the deputy mayor of London], devolved governments, public finance institutions including the National Wealth Fund and British Business Bank, regulators and other key public bodies.
Over £10 billion of new investment will be announced and the National Wealth Fund will provide £104 million to finance onshore and offshore wind projects in Norfolk and Orkney.
A team of specialists will be sent to help local authorities speed up key local infrastructure projects in Greater Manchester, West Yorkshire, West Midlands and Glasgow City Region, ensuring these projects are attractive to investors.
Commenting on the cuts to regulation, Business & Trade Secretary Peter Kyle said: “A central part of our Industrial Strategy is slashing needless red tape that blocks business growth, and today is precisely about that.
Jane Gratton, deputy director of Public Policy at the BCC, said the plans to cut the cost of regulation will be welcomed by businesses.
“The burden of unnecessary red tape and bureaucracy ramps up their costs and damages competitiveness,” she said.
Verity Davidge, director of policy at Make UK, said: “The manufacturing sector is currently being held back by overburdensome, confusing and duplicative regulation which is stifling growth in the sector, especially for SMEs.
David Postings, chief executive, UK Finance said: “Ensuring the regulatory framework is simpler and more proportionate is a key part of ensuring the UK has a pro-growth operating environment. This will in turn help the financial services sector to thrive and support growth in the wider economy.”
John Foster, CBI chief policy & campaigns officer, said: “For businesses to fully contribute to this mission they need room to invest, not be constantly battling costly regulation that adds little or no value.
“Businesses don’t want to erode the UK’s reputation for predictability and institutional strength, instead they simply want flexibility from overly rigid frameworks that stifle innovation and progress.
“The Government deserves credit for recognising this challenge and taking action to address it.”
#Reeves #unveil #crackdown #business #regulation #Daily #Business