The cost to business of major regulations introduced since 1998 has risen to more than £50bn, according to new figures from the British Chambers of Commerce. The ‘Burdens Barometer’, calculated by the London and Manchester Business Schools, tracks the cumulative cost of 69 major regulations introduced since 1998. It shows that the total cost of these regulations to business has risen from £39bn in 2005 to more than £50bn in 2006.
British Chambers of Commerce director general, David Frost, said UK businesses were fed up with paying for government regulation.
“Businesses must be free to compete in the global economy,” he said.
“As well as the increasing cost, businesses regularly tell us they have to divert valuable time from running their businesses to dealing with more and more paperwork.”
“The government must ensure that new regulations are well targeted and excessive existing burdens are cut back – unnecessary burdens are not a sustainable option for our firms,” he added.
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