Healey unveils £800m plan to cut red tape for UK businesses

Business Secretary Healey presented a new initiative to slash what he called “pointless paperwork” and deliver roughly £800 million in cost reductions for UK companies. The reforms are part of a broader goal to lower regulatory administration by a quarter before one outlet Parliament concludes. Specific measures involve easing reporting obligations, which could free up £290 million, removing overlapping reporting duties for asset managers for an estimated £105 million, and simplifying the paperwork chain for property transactions to save £116 million.

The Treasury will also prolong tariff suspensions on more than 250 imported goods, potentially delivering up to £155 million in savings across sectors such as chemicals, plastics, automotive, and food and beverages. Further cost-cutting actions are slated for the forthcoming Budget, while other fiscal pressures, including higher borrowing costs, remain a concern.