STORY
Shadow Chancellor Andrew Griffith has announced a Conservative review of the regulations faced by small businesses, arguing that excessive administrative requirements are restricting investment and economic growth. Griffith also urged the Government not to increase taxes on businesses in the October Budget.
The review will consider regulation affecting companies with fewer than 250 employees and identify rules which the Conservatives believe could be removed or simplified. Griffith said small businesses had been affected by higher employment costs, business rates and uncertainty over future taxation. He described reducing regulation as part of the party’s proposed economic programme.
The Conservatives have not yet published a complete list of regulations which they would repeal or estimated the financial effects of the review. The Government argues that employment and regulatory standards provide important protections for workers and consumers. Any eventual Conservative proposals will therefore need to demonstrate that reducing compliance costs would not remove necessary safeguards.