UK government promises to save businesses £800 million in paperwork and tariffs

UK Government to Save Businesses £800m Annually by Cutting Tariffs and Paperwork

Government Announces Major Cost-Saving Measures for Businesses

LONDON, Oct 23 (Reuters) - British Prime Minister Andy Burnham said on Friday his government would help businesses save almost £800 million ($1 billion) a year by cutting back on paperwork and extending the suspension of some trade tariffs.

Speaking ahead of his government's first annual budget statement next week, Burnham said the measures would give businesses "breathing space to grow".

Key Measures Introduced

Simplifying Compliance Guidance

The changes would make compliance guidance simpler and easier for small firms, saving £290 million, and extend £155 million of import tariff suspensions on 250 products used by businesses, Britain's finance ministry said.

Reducing Reporting Burdens

Another measure would reduce duplicative reporting burdens for asset management firms, saving £105 million, and remove £116 million in costs for businesses involved in residential property transactions, the government said in a statement.

Upcoming Budget Announcement

Finance Minister's Budget Plans

British finance minister John Healey is due to announce his first budget on Wednesday next week and he has promised to reduce the cost of business as well as help households with the high cost of living – though his ambitions will be limited by the fragile state of the public finances.

Exchange Rate Information

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Article Credits

(Writing by William Schomberg; editing by David Milliken)