Chancellor unveils £800 million savings for businesses by slashing ‘pointless paperwork’

Chancellor John Healey has announced plans expected to save businesses around £800 million by reducing paperwork and extending import tariff suspensions. The measures are intended to ease costs and free up firms’ time, as the government works to cut regulatory administration by 25 per cent by the end of this Parliament.

The Treasury estimates streamlined reporting will save £290 million, while reducing duplicated reporting for asset managers is expected to save £105 million. Cutting red tape in home buying and selling is forecast to save £116 million, and extending tariff suspensions on more than 250 products for a year could save up to £155 million. Further measures are due in the Budget, which comes as borrowing has risen to £24.5 billion and the government faces limited fiscal headroom.