The Data Protection Act has cost companies more than £7bn over the past decade, while the Flexible Working (Procedural Requirements) Regulations 2002 have added £1.588 billion to businesses’ bills during the last six years.
This is according to the 2008 edition of the British Chambers of Commerce’s (BCC) Burdens Barometer, which shows the cumulative cost to business of new regulation since 1998 has increased to £65.99 billion, up by more than £10 billion since last year.
On a more positive note, the BCC discovered three regulations which have produced savings but the organisation complained “they are too few and far between.”
Director of policy Sally Low said: “The success of the government’s drive for better regulation must be judged on the extent to which the UK’s regulatory burden has been reduced. On this basis the government’s record does not stand up to scrutiny.
“Initiatives without delivery will do nothing to help keep British businesses competitive. We desperately need an impact assessment system that will challenge the need for regulation and a parliamentary process established that provides real independent oversight.”
