Employment rules hit business for £6bn
British business has lost nearly £6bn a year since Labour came to power, due to changes in employment regulation made by the government, according to a new survey.
British business has lost nearly £6bn a year since Labour came to power, due to changes in employment regulation made by the government, according to a new survey.
Link: FSA panel warns of red tape threat
Research conducted by the Institute of Directors and published today found that UK businesses had been hit particularly hard by the working time directive and the national minimum wage, costing business £2.3bn and £2.7bn a year respectively.
The IoD report warned that the speed of new regulation seemed to be increasing and that the economy was likely to suffer as private companies struggled to cope under the burden.
‘The increased burden of regulation in recent years, along with higher taxes on businesses, is undoubtedly hurting the competitiveness of business and the economy,’ said Ruth Lea, head of the Policy Unit at the IoD and author of the report.
‘This country has to make a choice between a free and lightly regulated labour markets, low taxes, economic dynamism and strong job creation, on the one hand, and intrusive and heavily regulated labour markets, high taxes, economic stagnation and weak job creation, on the other hand. There is, in reality, no Third Way. Heavy regulation destroys dynamism. Heavy regulation kills enterprise.’
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article