The UK government will attempt to reduce red tape on a larger scale, and is setting itself the challenge of being the first government to have reduced regulation and taxation by the time it leaves office, Deputy Prime Minister Nick Clegg stated yesterday.
In conversation with small business leaders, Clegg has assured small businesses he will attempt to ‘liberate’ them for the burden of regulation, taxation and bureaucracy which have plagued businesses and halted growth in the past.
Clegg went on to claim that they will not only stop new regulations coming in, but the government will also attempt to remove the shackles of existing regulation. He also stated that UK businesses had already been saved £3 billion, and that a further £600 million in cost cutting could also occur if regulations which exempt more companies from auditing processes get the go ahead.
Said moves could improve business confidence and stability if small businesses weren’t always worried they would be subject to thorough, on-the-spot inspections.
Of the government’s overall attitude to regulation, Clegg was quick to stress the need of complete culture change, “Intervene when necessary, offer advice and support, but otherwise let you get on with it. And (take steps to ensure) they aren't breathing down your necks.”
Amazingly, invoice factoring as a fact of business life has origins in England prior to 1400, over 600 years ago!