Red tape

One of the most contentious regulatory burdens - detailed prescriptions for what companies must include in 'operating and financial reviews' (OFRs) - is set to be scrapped. Says the RMIF's chief executive, Matthew Carrington, 'We are very pleased that the ball is finally rolling with regard to the Government scaling down business red tape. The Government has been rightly criticised for "gold-plating" EU directives, such as that surrounding the annual OFRs. We have repeatedly seen the UK interpret EU regulation to the letter, which we believe has strangled business. This announcement by the Chancellor is way overdue.' Another move that has been announced - the Chancellor pledging to take steps to save companies £300 million a year through simplifying tax administration - is also welcome.