Chancellor Rachel Reeves will announce plans that will save businesses £6bn by 2029 at the Regional Investment Summit held today in Birmingham.
Richard Beresford, Chief Executive of the National Federation of Builders, said: “Today’s small businesses are tomorrow’s regional and big businesses. Removing disproportionate regulation, reporting and form filling is vital in helping them establish themselves and grow.
“The digitisation of planning is also hugely welcomed. It encourages further modernisation which enables future placemaking, helps businesses plan ahead, and ensures the UK is more attractive to investors”
The Chancellor will announce a ‘blitz on business bureaucracy’ in front of 350 firms. It includes:
- 100,000 firms qualifying for simpler corporate reporting rules
- Funding for regional projects
- Investment in advanced manufacturing spaces and laboratories
- How Government projects are already unlocking development
- How service infrastructure is being digitised
Business and Trade Secretary, Peter Kyle MP supports the Chancellor in her efforts to enable business, saying: “A central part of our Industrial Strategy is slashing needless red tape that blocks business growth, and today is precisely about that.
“We are backing Britain, backing British businesses to thrive and grow and as part of our Plan for Change, these changes will boost jobs and grow the economy right across the country.”
With economic growth as her main strategy, the Chancellor will reinforce her growth message using examples such as Blyth’s new AI Growth Zone and a major offshore wind farm in Teesside.
Rico Wojtulewicz, Head of Policy and Market Insight at the NFB, said: “SME firms were looking at Labour to fix blocks to their business. There may be no overnight miracle or silver bullet, but the Government is clearly listening. The onus is on businesses to tell the Government what bureaucracy needs slashing and which foundations need fixing.”
“Digitisation of planning is the foundation in most urgent need of fixing. Every utility company and local authority stores data differently, meaning it is hard for everyone – including Government – to identify successful or failed projects.
“The Chancellor’s announcement might not be glamourous or make headlines, but it will help the Government analyse and plan what needs to change. This is the start of the long-term modernisation strategy the nation desperately needs.”
