Bye-bye red tape! Freedom Day sees small businesses save £50m per year.

Last Friday has been dubbed Freedom Day as it ushered in the effects of the Red Tape Challenge and allowed small businesses to benefit from a raft of regulatory changes.

A simplification of how businesses can use their assets to raise finance is the most noticeable change so far, while industry specific alterations to building regulations are also set to save small businesses across the country more than £50 million per year.

The changes reflect both the increasing role of entrepreneurs in policy making and technological improvements which have allowed processes to be streamlined and redundant measures to be removed.

"Setting business free from the restrictions that hold back enterprise is a compulsory step on the road to growth," Business minister Michael Fallon stated. "We've listened to firms and taken prompt action where regulation presents barriers - but there is a huge amount still to do."

The changes have come at the end of a series of conversations between business owners and the government which should have ongoing effects within policy in the coming years.

Alongside the appointment of two resident entrepreneurs at the Department of Business, further cuts to regulation are promised in the future, with a view on improving the wider regulatory system for small businesses.

These decisions feel like a tangible swing in the thought process of Government, bringing small business much closer to the significant position they deserve and we're looking forward to seeing some more long term benefits for British entrepreneurs.

In the meantime, here's a full list of the current changes. We fully recommend you find out if your business can save time or money due to the alterations.

  • A simplified system for businesses using assets to raise finance, including moving registration and payment online
  • Significant deregulation within the building industry
  • Reduced administration on low-risk electrical work
  • Clearer, more consistent guidance on requirements for both access to buildings and protection from falling
  • Removal of regulations in areas including celluloid film, shipbuilding and ship repair
  • Abolishing regulations affecting the sale of goods
  • Removal of regulations regarding specific quantities of heavy metal in pencils and measures to prevent arsenic getting into food
  • Reducing the minimum consultation required for large-scale redundancies from 90 to 45 days

 

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