Cost of red tape jumps to £88.3 billion

Cost of red tape on British business has jumped to £88.3 billion according to the British Chambers of Commerce’s latest ‘Burdens Barometer’. This is an increase of more than £11 billion over the last 12 months.

It is widely acknowledged that this cost of red tape affects smaller businesses much more disproportionately and according to some estimates can take up almost 40 hours per month to ensure full legal compliance.

This is clearly a big issue for British businesses and in particular small businesses and comes at a time when the economy could succumb to the dreaded double-tip recession.

David Frost, Director General of the British Chambers of Commerce, urged the Government to ‘play its part by putting the brakes on the relentless flow of red tape’.

We would like to hear from you. How does red tape affect your business on a day to day basis? And what are your top five legal requirements that you would like to have repealed? Write to us with your thoughts at cutmyredtape@freezone.co.uk.

Red Tape