Bureaucracy impeding UK firms 'must be removed'

The red tape that is currently holding back many UK organisations needs to be slashed in order to enable growth, it has been claimed.

According to Chris Yates, finance director at Nexus, the government can be doing more to help SMEs in difficult financial circumstances.

The coalition must first continue with its programme of reducing public expenditure, as the financial markets are closely monitoring the UK's budget deficit reduction programme and, in order to maintain confidence, it is key that this course is maintained.

This will result in lower interest rates creating positive conditions for growth, though the government must also reappraise its approach to UK corporate investment and reaffirm its commitment to ensure viable businesses can raise the finance they need to start up and grow, the expert noted.

"It is vital that focus is targeted at generating additional growth in the economy and through stimulating both corporate investment and corporate job creation through tax breaks," Mr Yates said.

In addition, the layers of bureaucracy that impact SMEs must be stripped to enable companies to focus on building their businesses rather than overbearing form filling, he concluded.

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Posted by John Oak and Wayne Bly

Source: The Sales Director News