Reeves plans to 'scrap needless form filling' for firms

In an attempt to boost company growth, Chancellor Rachel Reeves has said she intends to eliminate needless form filling in order to increase productivity. The chancellor, speaking at a regional investment summit in Birmingham, said the reforms would boost productivity and

make the UK a top destination for global capital. Reeves said that

for too many peoplethe economy wasnot operating as it should" ahead of the Budget next month. Firms have chastised the government, who claim that increased employer contributions and the Employment Rights Bill contribute to the growing burdens faced by employers.

The chancellor said that the reforms would save companies nearly £6 billion a year by the end of the parliamentary term. The initiative includes efforts to modernize the company merger process. According to Treasury Secretary Leo Varadkar, simpler corporate laws would eliminate the requirement for small businesses to submit long reports to Companies House. The changes would be applicable to over 100,000 businesses, including family-run cafes. Business Secretary Peter Kyle defended Labour's Labour' business strategy earlier on Tuesday, telling the BBC that the government will make reforms in a way that is both pro-worker and pro-business. According to Kyle, the steps may include provisional exemptions for new AI applications from regulation.

In some instances where new AI technology is being introduced, we can remove it from all regulation for a period of time to allow it the opportunity to expand, to flourish, to be commercialized quickly,

he sAId. This, he said, would enable the technology to be used

to improve the health, the wealth, and education of our nations.

We'll use it in a very targeted, a highly secure way.

By the end of this Parliament, the government has promised to cut the administrative cost of regulation by a quarter. Despite promising to do so, especially after Brexit, Kyle said the previous government did not do enough on deregulation.I'm eliminating a great deal of the reporting that must be done by directors, for example, directors' reports to Companies House, because some of it is just so unnecessary,

he said. However, when asked whether the government's reforms to employment law will increase overheads for employers, Kyle insisted that the reforms would be fair for both employers and employees.

We're making sure that the rights and responsibilities that people have in the workplace as both employers and employees [are] correct for the time we live in. The plans would be accepted by employers, according to Jane Gratton, deputy director of public policy at the British Chambers of Commerce.

The burden of unnecessary red tape and bureaucracy raises their costs and hurts competitiveness,

she said. Tina McKenzie, the Federation of Small Businesses' policy chair, said Tuesday that if the chancellor raises taxes for employers in next month's budget, the chancelllor's tweet would ring hollow.The true measure of whether Rachel Reeves will deliver for company will be at the Budget

is the time of writing these warm words on regulation.

The burden of compliance – in terms of money, time, and strain – is weighing heavily on small businesses, and reducing it would have to be undertaken by every level of government.

But Liberal Democrats' Treasury spokeswoman Daisy Cooper said,

If the chancellor was serious about removing red tape, she'd tackle the mindblowing two billion extra pieces of corporate paper created by Brexit by pursuing an innovative tailor-made UK-EU customs union.