Dealing with red tape costs UK business £20bn

first_imgDealing with red tape costs UK business £20bnOn 25 Mar 2003 in Personnel Today Thetime and money employers spend dealing with red tape is spiralling out ofcontrol, the latest research finds.Asurvey of more than 200 businesses by Peninsula reveals the overall cost of redtape to business increased from £19.24bn per year in 2001 to £20.73bn lastyear. It is anticipated costs will jump again during 2003 to £21.36bn.Theamount individual companies spend on complying with new legislation hasincreased year-on-year from £18,242 in 1997 to £26,762 last year.Theaverage time employers spend dealing with HR issues and red tape has alsoclimbed from three hours a week in 1997 to nine hours in 2002.PeterDone, managing director of Peninsula, said the survey shows the Governmentneeds to change the way it introduces new legislation.”Howcan the Government expect employers to run a successful business while tryingto cope with constant new employment legislation, the threat of a tribunal anda substantial amount of their time diverted from their primary role,” hesaid.Thestudy reveals that more than three-quarters of employers think the Governmentdoes not do enough to help business tackle red tape.www.peninsula-uk.comRisingcost of red tapeAnnualcost for individual firms to comply with new legislation:1997:£18,2421998: £19,3471999: £20,3772000: £22,4552001: £24,3212002: £26,762Source:Peninsula Previous Article Next Article Comments are closed. Related posts:No related photos.last_img read more