Business groups hail coalition plans to slash regulation burden

 
Ben Southwood
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BUSINESS groups greeted today’s proposal from the government that any new regulation would come in on a one-in, two-out basis with a resounding cheer.

“I congratulate the business department on its move to lighten the heavy load of regulation for British firms,” said Simon Walker at the Institute of Directors (IOD). “Business leaders tell us that the amount of complex red tape they have to deal with often makes taking on new staff or extra orders just too risky. We simply cannot afford this to continue if we are to rebuild the economy based on healthy growth in the private sector,” the IOD boss said.

Business secretary Michael Fallon said the new rules will mean that “if a department wants to introduce a new regulation that will create one pound of extra cost, that department has to remove two pounds of costs elsewhere”.

Dr Adam Marshall at the British Chambers of Commerce also welcomed the policy.

“Business welcomes the government’s efforts to deregulate,” he said. “Unnecessary red tape costs firms time and money and can act as a barrier to growth.”