The government recently launched an overhaul of corporate reporting that it hopes will save UK businesses more than £450 million per year.
As part of the changes, the government will replace paperwork reporting with digital systems and explore how AI can further drive efficiency.
Simpler rules will make British businesses more attractive to investors, the government said. In turn this will help to drive the creation of good jobs that make the country better off.
The government will tackle corporate reporting burdens by simplifying reporting rules for small and medium-sized enterprises (SMEs). It said such businesses ‘often lack the resources to spend hours combing through paperwork’.
Business Secretary Jonathan Reynolds commented: ‘For years, hardworking firms in this country have been weighed down by pen-pushing paperwork and frustrating costs, ticking boxes that do nothing to help them grow their business.
‘We’re stripping back outdated bureaucracy and building a common-sense system fit for a 21st-century economy. This will cut the cost of doing business, giving breathing room to bosses across the country, and free them up to focus on what they do best, creating jobs and growth.’
Press release: Department for Business, Innovation, Science and Trade
