Two-thirds of small firms in Britain believe that their businesses are suffering because of red tape, a new survey has revealed.
The Institute of Chartered Accountants in England and Wales (ICAEW) has found that despite new initiatives to help reduce bureaucracy, there has been no change in the percentage of firms that feel negative about its impact on expansion, the Telegraph newspaper reported this week.
Around sixty per cent of owners said that employment tax was the biggest barrier for their business.
Robin Fieth, the executive director of the ICAEW, commented: “The regulatory tide is starting to recede for larger companies. However, there is a real risk that small and medium-sized enterprises could be left to drown.
“Government therefore needs to urgently start setting out how it will make the UK a friendlier place to do business.”
Posted by Christopher Evans
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Published on: October 12, 2010