MNI BRIEF: Red Tape Cuts To Save Businesses GBP6 Bln - Reeves

Deregulation will save UK businesses nearly GBP6 billion per year in "pointless" administrative costs by the end of the Parliament, Chancellor of the Exchequer Rachel Reeves will announce on Tuesday.

"A central part of our Industrial Strategy is slashing needless red tape that blocks business growth," Business & Trade Secretary Peter Kyle said. 

In March, a government action plan was published, with a then stated aim to save businesses 'billions' of pounds a year by removing 'red tape' from planning and business as part of the Plan for Change to kickstart economic growth.

In welcoming the announcement, John Foster, the CBI's Chief Policy & Campaigns Officer, said "We now need business and government to work together, at pace, to deliver a growth-enabling regulatory system that sensibly balances appetite to risk, while giving businesses confidence to invest and thrive."