IoD puts cost of red tape at £6bn
The Institute of Directors says the recurrent annual cost of employmentregulations introduced in the past five years could be as much as £6bn,with these costs rising as new regulations come on board.
The calculation is based strictly on government figures, and as it omits regulations costs, for which figures are unavailable, the full cost is bound to be higher.
Richard Baron, deputy head of the Policy Unit at the IoD, said: ‘It is small wonder that, with the regulatory and national insurance burdens on employers rising, more and more business people would rather not expand their businesses and take on employees. Regulation is holding back the thriving economy which we all need.’