Getting it right when it comes to complying with the plethora of business regulations seems to be hitting directors and owners harder by the year.
According to the Institute of Directors (IoD), on average, the amount of time directors invest doing paperwork related to regulatory compliance has gone up from 13 hours a month in 2009 to 17 hours a month in 2010.
The IoD estimated that, when annualised across the number of private enterprises in the UK, the cost of such duties was £36.8 billion in 2010, up from £28.2 billion in the previous year.
The business group is urging the Government to speed up its commitment to reduce business regulation, especially in the area of employment law.
Miles Templeman, the director-general of the IoD, said: “Instead of building up their businesses and creating new jobs, the UK’s entrepreneurs are spending over a month each year handling Government red tape. Significant deregulation of employment law must be on the agenda.”
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