Vince Cable to slash UK business red tape
Vince Cable, the UK business secretary, is rumoured to be reviewing upwards of 200 new regulations which are set to hit the UK business arena in the short-term. It is believed his review is likely to lead to a significant reduction in the number of these regulations going live with estimates that they could cost UK business in excess of £19 billion to implement.
One of the main issues which David Cameron and his colleagues addressed at a very early stage is the ongoing increasing influence of the EU within the UK. New rules and regulations are now being introduced on a regular basis and often supersede or over rule existing UK laws. The government has promised to withdraw one regulation for every new regulation introduced which has been well received by the business arena, although we await confirmation as to whether this is actually practical.
There is no doubt that the UK business arena has been suffocated over the last decade with new taxes and new laws causing major upset and financial distress. It is unlikely the UK government will reduce business taxes in the short to medium term, due to the budget deficit, but in time David Cameron has expressed a wish to reduce corporation tax.
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