Retail SMEs to lose some red tape

Vince Cable late last week announced a variety of deregulation plans, in a bid to decrease UK business being held up by bureaucracy.

Over half (130) of the 257 current regulations affecting retail firms would be completely removed, as well as simplifying a further 30.

All of the UK’s 21,000 business regulations will be scrutinised over the coming months.

The Federation of Small Businesses has greeted the announcement favourably, but is unsure as to whether the plans will cut the biggest and most time-consuming regulations.

John Walker, National Chairman of the FSB said, “We welcome the Government’s announcement to cut red tape in the retail sector ... but we urge the Government to deal with the big regulatory burdens as well as tinkering with the smaller ones. Some of these regulation cuts... will have no tangible impact on small firms at all as they are outdated and unused anyway”.

A website, ‘The Red Tape Challenge’ , has been set up by the government detailing the changes being made, as well as offering a place for people to voice their opinions on the challenge to cut red tape.