More than 40,000 businesses are expected to be released from reporting requirements and other regulations in the future, as part of plans to boost productivity and growth
Announced yesterday by Prime Minister Liz Truss, the move will exempt more than 40,000 UK businesses from future regulations as part of a package of reforms to stimulate growth.
Currently, only small businesses are presumed to be exempt from certain regulations. However, many medium-sized businesses – those with between 50 and 249 employees – still report that they are spending over 22 staff days per month on average dealings with regulation.
The prime minister has announced plans to widen these exemptions to businesses with fewer than 500 employees for future and reviewed regulations, freeing businesses from accompanying paperwork that is both expensive and burdensome for all but the largest firms.
