8 March 2011
Government Action to Save Small Firms 40m Pounds
No small firm will have to have independently audited accounts any longer, Business Secretary Vince Cable announced on 4th March, saving 42,000 businesses £40 million per year.
One of the barriers to growth is the burden of regulation. It takes up time and stops business growing and that means our economy does not grow. The Business Secretary outlined changes to regulation in one area which is a massive burden to business - producing accounts. Small businesses in particular often suffer the most under the burden of bureaucracy.
Business Secretary Vince Cable said:
"It's important that we free small firms up so they can grow and drive the economy. The changes I have announced today mean that small firms will be able to concentrate on growing and taking on more people instead of paperwork."
The Government recognises the need for high standards in audit and accounting. But some areas could do with reform so we are taking action in three areas:
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