June 11, 2009
Business Hampered With One Trillion Euro Red Tape Debt
Do you think your business is weighed down with red tape? Well you are probably not wrong – the cumulative cost of red tape on Europe’s businesses over the last 11 years amounts to a staggering €1 trillion.
Research published by Eurochambres, the representative body for Chambers of Commerce across Europe, estimates of the annual cost of all EU regulations are in excess of 12% of EU GDP.
The report’s authors, Francis Chittenden, Professor at Manchester Business School and Tim Ambler, Senior Fellow at the London Business School, argue that high levels of poorly designed and burdensome regulation ensure that EU competitiveness is hampered without any certainty that the intended regulatory benefits are achieved.
David Frost, director general of the British Chambers of Commerce, says: “Businesses are facing the toughest economic environment for a generation. Company cash flow is being squeezed and unemployment is growing as a result.
“The EU needs to get serious about reducing the massive burden of regulation on business. Cutting unnecessary burdens and announcing a moratorium on new employment law would be an effective way of providing instant and inexpensive help to British firms.”
You might feel like all the extra fees, bills and dues you have to pay for your business might be the reason you are struggling with your finances. If that's the case, talk to a professional adviser about changing your finances around. There is nothing you can do about Eurozone red tape unfortunately, but there is something you can do about your loans, savings, investments, mortgages, overdrafts and pensions.
SOURCE: BCC, 27/05/09
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