Chancellor Unveils £800 Million Business Savings Plan
New measures target red tape reduction and extended import tariff suspensions ahead of first Budget.
Sarah Connor
Chancellor John Healey has announced plans to save UK businesses approximately £800 million.
Ministers project these combined efforts will save almost £800 million in administrative and tariff costs. Import tariff suspensions for over 250 products across various sectors have been extended for another year, a move expected to save up to £155 million.
The Treasury expects streamlined reporting requirements to save £290 million. Easing duplicative reporting burdens for asset managers will also save £105 million.
Businesses in the transaction chain will see further savings of £116 million from cutting red tape involved in buying and selling homes. The Chancellor has stated his desire to cut back on form-filling and pointless paperwork.
If you run a business, you want to spend your time serving your customers, creating jobs and growing your firm, not filling in unnecessary forms.
Prime Minister Andy Burnham and the Chancellor will meet business leaders on Friday at No 10 North. Burnham stated, "If you run a business, you want to spend your time serving your customers, creating jobs and growing your firm, not filling in unnecessary forms."
Despite these efforts, UK government borrowing increased to £24.5 billion last month. The Chancellor has rejected calls to hike capital gains tax at the Budget.
Andrew Griffith stated, "Labour have finally admitted that endless red tape is hammering businesses and killing jobs across the country." Griffith also claims Labour pushed ahead with Angela Rayner’s union-inspired, 330-page Unemployment Act, which he says is only making the situation worse and has created a youth jobs emergency.
Labour have finally admitted that endless red tape is hammering businesses and killing jobs across the country.