'Burden on business' costs £39bn

UK firms believe they are losing valuable time

UK firms have been hit with a bill of £39bn to implement "major regulations" introduced since 1998, the British Chambers of Commerce says.

Its Business Barometer, complied by London and Manchester Business Schools, tracks 46 new pieces of legislation introduced over the past six years.

"British businesses are fed up with the spiralling costs of regulation," said BCC director general David Frost.

Mr Frost warned that business "must be free to compete in the global economy".

"They simply cannot afford to be held back by the mounting cost of complying with regulation," he said.

"As well as the cost, firms tell us all the time that they are spending too long dealing with paperwork and trying to get their heads around each and every regulation."

He said small firms believed abiding by regulations was taking large chunks out of their working day.