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Business loan for bureaucracy concerns
Reported on Tue, 04 Apr 2006
Small businesses in the UK are worried that the burden of unnecessary bureaucracy is harming their productivity, claims a new survey.
Joint research by NatWest and small and medium-sized enterprises (SMEs) analyst SERTeam found that small firms collectively spend 500 million hours per year fulfilling bureaucratic requirements.
The average SME was revealed to lose over one day every month by complying with government regulations, with over half of UK small businesses feeling that red tape has increased.
Peter Ferns of NatWest explained the importance of ensuring that bureaucracy was kept to a minimum among small firms.
"The government constantly needs to look closely at what it can do to encourage growth in the small business community and cutting the amount of red tape could be the way forward," he said.
The most time-consuming practices were revealed to be completing VAT returns and fulfilling National Insurance requirements, with some small firms actually discouraged from hiring new staff.
A low-rate business loan could allow UK SMEs to enlarge their workforce or expand into new areas to combat the effects of red tape.
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