The government’s ‘Red Tape Challenge’ has reportedly seen dramatic cost savings amounting to £10 billion over the last four years.
The idea behind the challenge is to remove unnecessary regulations that are costly and time-consuming for the UK government and across the UK, particularly for businesses. With continued input from over 30,000 UK businesses and some individuals, it is estimated that by 2020 savings could reach around £20 billion.
Some of the regulations that have been removed so far include:
And my personal favourite: the law which made it an offence to fail to report a grey squirrel on your land will be scrapped!
The changes implemented so far have helped to generate growth in many industry sectors and in turn provide more employment prospects.
However, the challenge hasn’t stopped with the UK. The EU has pledged to follow the UK’s lead and start their own Red Tape Challenge placing the overall EU economy in a better financial position.
If you are a business owner or employer and are unsure what regulations you should now be following, please contact our employment specialist Julie Taylor.