Businesses Stand to Save Billions
Tory heavyweights are advocating for a significant reduction in red tape to empower businesses and save them billions of pounds. The proposal, put forth to Jeremy Hunt ahead of the Budget, suggests capping regulatory costs to foster business growth.
Former Leaders Back the Initiative
Spearheaded by former anti-corruption champion John Penrose, the push aims to curb the crippling effects of excess red tape on British firms. Penrose highlighted that every pound spent on unnecessary regulations hinders economic growth, equating it to a tax burden. Echoing his sentiments, former Tory leader Sir Iain Duncan Smith emphasized the need to prioritize cutting red tape to support industries and small businesses, potentially saving billions annually.
New Measures Proposed
The Taskforce on Innovation, Growth, and Regulatory Reform (TIGR), led by Sir Iain Duncan Smith in 2021, recommended over 100 measures to reduce excessive red tape and develop adaptable regulations for emerging sectors. Despite these efforts, critics accuse the government, including Prime Minister Boris Johnson, of not acting decisively to address the issue.
Government Response and Future Plans
While Treasury sources suggest that capping regulatory burdens may not feature in the upcoming Budget, Commons Leader Penny Mordaunt is reportedly considering establishing a parliamentary team dedicated to tackling red tape. This initiative could mirror the Public Accounts Committee's role in evaluating the value for money in government projects.
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