BUSINESS REMORSELESSLY OPPRESSED BY RED TAPE
12.00.00am BST (GMT +0100) Mon 16th Jun 2003
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Vincent Cable MP, Lib Dem Shadow Secretary of State for Trade and Industry
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Responding to the Institute of Directors' report on business regulation, which suggests that extra red tape is costing business £6bn a year and impacts particularly on small businesses, Vince Cable MP, Liberal Democrat Shadow DTI Secretary, said:
"This report demonstrates the Government's remorseless oppression of business by over regulation. Businesses under this Government are fighting an ever more desperate battle to keep costs under control in the face of over-burdensome requirements."
"There are all kinds of compelling reasons to regulate, but new regulations must be subjected to a proper cost-benefit analysis.
"Regulatory assessments should be performed by an expert unit independent of Government as is presently the case in some EU countries. Then there may at least be some skilled understanding of what businesses will need to cope with; a concept the Government is clearly unfamiliar with."
"New regulations should contain a "sunset clause", so that regulations become obsolete after a certain period unless they are renewed following assessment."
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