Government’s Business Taskforce Publish ‘Cut EU Red Tape’ Report

As part of the Government’s ‘Red Tape Challenge’ aimed to reduce regulation on businesses in the UK, it set up the Business Taskforce, which has published a report, ‘Cut EU Red Tape’ on ways in which rules and regulation can be cut back to assist businesses to succeed. 

The Business Taskforce was a panel made up of business leaders from across the UK and carried out an extensive consultation prior to the report being published.  The report highlights and focusses on five key areas in which it believes the EU presents barriers to the more effective functioning of businesses and the particular burden that is placed on small and medium-sized businesses.

The five barriers identified by the report are barriers to:

(i)    overall competitiveness;

(ii)   starting a company and employing staff;

(iii)  expanding a business;

(iv)  trading across borders; and

(v)   innovation.

The Taskforce has made a series of recommendations designed to break down these barriers and if implemented believes that these could save billions of pounds for businesses and create thousands of new firms and jobs across the EU.

Cutting red tape is necessary if rapid business growth is going to be successful across the EU but it remains to be seen to what extent the recommendations that have been made will be implemented.  Authorities may be reluctant to take steps in relation to some of the suggestions, particularly those surrounding reducing the burdens on businesses in relation to data protection and to drop plans for strict rules on food labels, those being two particularly in vogue topics in the commercial sector at present.

There are various avenues through which business expansion can still be achieved under current EU legislation not least through the range of funding options available, particularly to new and developing businesses.  For assistance in relation to business law matters, contact the Forbes Solicitors Business Law team or call 01254 222399.

This entry was posted in Corporate & Restructuring and tagged , , , , , , , , , , .