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UK Moves to Ease Regulations, US Rules Still Hinder Businesses

The UK government is moving to ease some of the regulatory burden on businesse

While company leaders and members of the corporate accounting community in the U.S. bemoan the heavy burden of regulations, the U.K. government is making moves to ease the compliance requirements for some members of the business world. U.K. legislators are working to remove red-tape from accounting rules and certain licensing laws.

Ministers have promised to eradicate many regulations or at least make them more simple, according to a statement from the Department for Business Innovation and Skills. "We are ending over-the-top bureaucracy that stifles community groups and pubs wanting to put on small events, scrapping pointless rules about no smoking signs and saving businesses millions per year through more proportionate accounting rules," said Business Minister Michael Fallon.

The overhaul will include the so-called Red Tape Challenge, which will seek feedback from the business, volunteer and public sectors. Eventually, the government aims to overhaul or eradicate 3,000 regulations, Fallon said.

Similar efforts would likely be welcomed in the United States. A recent survey from the National Association of Manufacturers found that 69 percent of the 800 manufacturers, decision-makers and small business owners think current regulatory policies and government actions have hurt their industries.