In a renewed call to political leaders to take
the issue of over-regulation of business seriously, the IoD said that
in order for UK companies to remain competitive in the global market,
the Government must step aside to give them the freedom to operate.
According to IoD figures, directors have to spend more than a month a
year handling government red tape.
A
number of previous attempts have been made to calculate the cost to the
economy of regulation, with most research based strictly on government
data. However, using a new approach based on the experiences of business
owners and directors, the IoD has calculated that directors spend 13
working hours a month handling and administering government red tape.
And company workforces spend an estimated 73 hours a month – or five and
a half months a year – on regulation and administration.
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