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Business Secretary, Peter Kyle, has defended the government’s efforts to make it easier for businesses by reducing red tape. In an interview with the BBC, Kyle emphasized Labour’s commitment to implementing changes in a way that benefits both workers and businesses. Chancellor Rachel Reeves is set to announce a crackdown on unnecessary form-filling for businesses at the upcoming Regional Investment Summit in Birmingham, ahead of the upcoming Budget.
According to the Chancellor, the proposed changes could save firms close to £6 billion annually. The government plans to introduce simpler corporate rules that eliminate the need for small businesses to submit extensive reports to Companies House. These changes are expected to apply to over 100,000 businesses, including family-owned cafes. Additionally, there could be temporary exemptions for new AI software from regulations to facilitate rapid growth and commercialization.
In an effort to reduce the administrative burden of regulation, the government has pledged to lower costs by a quarter by the end of the current Parliament. Kyle criticized the previous government for not doing enough in terms of deregulation, especially post-Brexit. Despite concerns about the impact of changes to employment rights on businesses, Kyle assured that the government is focused on ensuring fairness for both employers and employees in the workplace. Jane Gratton from the British Chambers of Commerce welcomed the government’s plans, noting that excessive red tape can increase costs and harm competitiveness.
However, the Liberal Democrats’ Deputy leader, Daisy Cooper, expressed skepticism about the government’s commitment to reducing red tape. Cooper suggested that pursuing a tailor-made UK-EU customs union could significantly cut down on the burdensome paperwork created by Brexit. As discussions on deregulation and simplification continue, the focus remains on striking a balance between supporting businesses and protecting the rights of workers in the evolving economic landscape
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