IoD: Govt regulations may impede entrepreneurs
Tim Hill
Date posted: 04 Mar 2010
Ministers need to offer a greater degree of freedom to the country's entrepreneurs, according to one organisation, rather than impeding them with regulations.
Regulations introduced by the government are costing UK firms an overall yearly sum of £80 billion, the Institute of Directors (IoD) believes.
The organisation''s director general Miles Templeman, suggests that paperwork is taking its economic toll.
Ministers need to offer a greater degree of freedom to the country''s entrepreneurs, according to one organisation, rather than impeding them with regulations.
Regulations introduced by the government are costing UK firms an overall yearly sum of £80 billion, the Institute of Directors (IoD) believes.
The organisation''s director general Miles Templeman, suggests that paperwork is taking its economic toll.
He noted: "When the regulatory burden is so large that it typically occupies one employee in every private enterprise in the UK for nearly half a year, it''s obvious we have a problem."
The IoD would now like to see a number of aspects of the civil service assessed, in a bid to try and reduce the number of new regulations that firms have to face.
Meanwhile, Mr Templeman suggested recently that banks which refuse to offer financial support to enterprises should provide them with details concerning other forms of lending.
