“Not Before Time,” is the response from the Retail Motor Industry Federation (RMIF) to the 28 November announcement by UK chancellor (finance minister) Gordon Brown that one of the most contentious regulatory burdens – detailed prescriptions for what companies must include in ‘operating and financial reviews’ (OFRs) – is set to be scrapped.
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RMI chief executive Matthew Carrington said in a statement: “We are very pleased that the ball is finally rolling with regard to the government scaling down business red tape. The government has been rightly criticised for ‘gold-plating’ EU directives, such as that surrounding the annual OFRs. We have repeatedly seen the UK interpret EU regulation to the letter, which we believe has strangled business. This announcement by the chancellor is way overdue.
“Another move that has been announced – the chancellor pledging to take steps to save companies £300 million a year through simplifying tax administration – is also welcome news.”
Carrington said most retail motor sector businesses face multiple layers of regulation, which cost them time and money, and his organisation would “continue to shout long and loud on behalf of its members” to ensure these current pledges, and any future government moves, are not just token gestures, but the start of a sustained effort to finally reduce the burden of ‘red tape’ on business.
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