The cost to business of major regulations introduced since 1998 has risen to over £50 billion, according to new figures released today from the British Chambers of Commerce (BCC).
The 'Burdens Barometer', the independent calculation of the costs to business based on the Government’s own figures, reports that the total cost has risen from £39 billion in 2005 to over £50 billion in 2006. The BCC’s ‘Burdens Barometer’, (our major annual report on regulation), is independently compiled by experts from the London and Manchester Business Schools.
Commenting on the figures, BCC Director General David Frost said: "British businesses are fed up with paying for Government regulation. Businesses must be free to compete in the global economy. As well as the increasing cost, businesses regularly tell us they are having to divert valuable time from running their businesses to dealing with more and more paperwork.
“While we recognise the need for proportionate regulation, the government must ensure that new regulations are well targeted and excessive existing burdens are cut back. Unnecessary burdens are not a sustainable option for our firms.
See full Press Release.
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