Deepsee Dwivedi
BRITISH businesses could save up to £1 billion a year with the Government confirming its plans to remove unnecessary and outdated bureaucracy following UK’s exit from the EU, according to a statement from the Department for Business and Trade.
On November 8, amendments were announced to several retained European Union laws to ensure UK regulations are brought up to date and tailored to the needs of businesses, freeing up firms to refocus their time and money elsewhere to help create jobs.
“Seizing these benefits of Brexit, including a saving of £1 billion for businesses, will support the private sector and workers alike and are vital to stimulating economic growth, innovation and job creation,” said Business Minister Kevin Hollinrake.
The reforms will introduce reduction in reporting requirements and the simplifying of annual leave and holiday pay calculations under the Working Time Regulations as well as the streamlining of regulations that apply when a business transfers to a new owner, the press release said.
The proposals will not change existing workers’ rights in the UK, the statement added, saying that instead will remove unnecessary bureaucracy in the way those rights operate, “allowing business to benefit from the additional freedoms we have through Brexit”.
According to Federation of Small Businesses (FSB) National Chair Martin McTague, “We welcome these sensible changes, striking a balance for workers while offering clarity for employers. It’s good to see the Government cutting through excessive burdens without losing the benefits of regulations.”
The official release said that the reforms follow both consultations and will address concerns from businesses by helping to simplify the calculation of holiday entitlement for employers and make entitlement clearer for all irregular hours and part-year workers.
