Red tape costs firms £37bn

The Institute of Directors has today claimed that company directors wasted 17 hours a month wading through regulatory paperwork last year, up from 13 hours a month in 2009. The IoD said the overall man-hours of this burden cost £36.8bn last year, up from £28.2bn in 2009. “Some of this burden has to be lifted if we want the private sector to grow and create jobs to offset redundancies in the public sector,” said director-general Miles Templeman. The group this week suggested that the government could boost growth by cutting red tape in employment law, planning and local authorities.