SMEs concerned over 'burden of regulation'

News Article - 17 September 2007
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Small to medium-sized businesses in the UK are concerned about the level of regulation they are subject to, according to a new report.

A survey conducted by Bank of Scotland found that 74 per cent of Britain's small businesses predict the regulatory burden will become greater over the next three years.

The firm discovered that 57 per cent of respondents believe that complying with such legislation is having a negative impact upon their company's performance.

Mark Curran, head of Bank of Scotland Business Banking, said: "Whilst there clearly is a requirement for a certain level of regulation, the ever-increasing burden of red tape appears to be weighing heavily on the shoulders of SMEs."

Last month, Director of the Confederation of British industry Richard Lambert said that the Conservative party's Economic Competitiveness Policy Group report on competition highlighted the importance of a "simpler" system of regulations.

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