UK regulations and business success

A report exploring businesses’ views on regulation in the UK has been published by the Department for Business, Energy and Industrial Strategy (BEIS). The findings from this report were informed by work carried out by IFF Research in February and March 2016 as part of an ongoing biennial survey of 2,000 UK businesses.

Business opinion has been tracked for almost 10 years as part of this programme outlining which elements of regulation and the regulatory delivery are most burdensome to businesses and exploring where businesses get their advice on complying with regulation.

We have outlined some of the key information from the report below:

  • Half of businesses (49%) reported that they felt UK regulations presented an obstacle to business success (although this figure has gradually decreased over time).
  • Three-fifths (59%) agreed that the time taken to comply with regulation was a burden on their business.
  • The most important factor in encouraging businesses to comply with regulation is maintaining their reputation with customers.
  • On average, businesses spent £8,550 every year on external business agents to help them comply with regulation.
  • Their views of the Government’s approach to regulation were somewhat mixed
    – half (49%) agreed that they found the purpose of regulation clear.
    – only a third (35%) found most regulation to be fair and proportionate.
    – 19% felt that the Government consults well with business before introducing new regulation or changing existing regulation.

The full report and data can be accessed here: Link to full report