UK to Cut 'Pointless Paperwork' Worth £800 Million
UK Chancellor John Hiley outlines plans to reduce pointless paperwork worth £800 million ahead of next week's budget announcement.
Translated by Qiyas from الجريدة — Original source
UK Finance Minister John Helly has drawn up plans to cut “pointless paperwork and form-filling” in a bid to reduce the bureaucratic burden on businesses, saving around £800 million ($1.072 billion).
The British news agency BA Media reported that the measures, aimed at giving businesses “some breathing room,” come ahead of Helly’s first budget, to be presented next week, which he said he wants to use to ease cost pressures on households and companies.
Helly and Prime Minister Andy Burnham are scheduled to meet with small-business leaders at Burnham’s northern office in Manchester on Friday.
These steps are part of efforts to cut regulatory administrative burdens on businesses by 25% by the end of the current parliamentary session.
Simplifying reporting requirements is expected to save £290 million, while easing “repetitive reporting burdens” on asset-management firms by £105 million, and reducing bureaucratic procedures related to buying and selling homes by £116 million for companies in the transaction chain.
Extending the suspension of customs duties on more than 250 products is expected to save up to £155 million, according to the Treasury.
