Reduced red tape for business
02 January 2015
The Government has published a new report on its efforts to reduce red tape for businesses.
The announcement il Business Minister Matthew Hancock highlights a strict One-in, Two-out rule, which obliges government departments to find a double cost saving for any new regulation imposed on business.
Among the claimed improvements benefiting employers are:
· the introduction of Early Conciliation, helping employers and employees settle issues quickly, avoiding the expense, risk and stress of going to an Employment Tribunal. This is saving businesses £24 million per year
x8support for small businesses to make it easier, quicker and simpler to engage with HMRC and to help them to get their tax right, first time.
On the other hand, one of the new measures scored as adding £18.8 million is nevertheless badged as helping employers. This is the introduction of controls on charges in qualifying schemes used for automatic enrolment. According to the Government, “this measure is being introduced to ensure that members’ retirement savings are not eroded by high or unfair charges. It also supports the Automatic Enrolment programme and will help maintain trust and confidence in pension providers supporting it. The measure will be implemented to allow some combination charging structures which help new providers enter the market, to ensure that there is a diverse competitive market for workplace pensions.”