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Businesses spend at least £1.4 billion each year on advice about how to comply with regulations. The Better Regulation Executive report to Government ‘Regulation and Business Advice’ examines the role of business advisors in implementing regulation.
The report, which was published as part of the Government's Next Steps on Regulatory Reform, recommends that, with better communication and guidance, costs to business could be substantially reduced.
5 key drivers of external advice costs incurred by business are identified in the report:
Changes to regulation remain a major concern to businesses and are a big contributor to their overall regulatory costs. This includes spending on advisory services.
The overall experience of regulatory change for businesses is driven not only by the change itself but by the way change is communicated to businesses.
Changing the way Government develops regulation and communicates advice to business will reduce the cost of regulation borne by business. ‘Regulation and Business Advice’ makes 10 key recommendations to achieve this aim.
There will always be a role for business advice services in the delivery of regulation. Particularly for high risk or complex areas of regulation business advisors can help drive efficiency in regulation. The report found that Government can maximise this valuable role by working more effectively with business advisors.
For more information contact: Ross.gribbin@berr.gsi.gov.uk