BusinessCompany NewsGovernment box-ticking costs businesses £80bn a year

Government box-ticking costs businesses £80bn a year

Companies spend an estimated 73 hours a month – or five and a half months a year – on regulation and administration required by the governement

Business representatives have said government compliance is costing companies
£80bn a year.

The Institute of Directors warned businesses are finding themselves under a
sizeable burden of regulation and administration.

Businesses spend an estimated 73 hours a month – or five and a half months a
year on the paperwork, the IoD told
the
Daily Telegraph
.

Miles Templeman, director-general at the IoD, told the publicartion: “This
£80bn is effectively being taken out of the UK economy each year due to
regulatory paperwork.”

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