Key facts
- Plans aim to save businesses up to £800 million annually.
- Reporting requirements will be simplified, with a move towards digital communication.
- The government has a target to reduce regulation by 25% by the end of the current Parliament.
UK Chancellor John Healey has announced plans to simplify reporting requirements for businesses and asset managers, aiming to save firms up to £800 million annually. The proposed changes are part of a broader effort to reduce bureaucracy and support businesses amid rising costs. The government intends to make compliance guidance easier and reporting rules simpler, with a move towards digital communication and potential exemptions from certain reporting for small and medium-sized enterprises (SMEs). The government has set a target to cut regulation by 25% by the end of the current Parliament.