East Anglia: R3 says region’s firms believe burden of red tape has increased

Frank Brumby, eastern region chairman of R3.

Frank Brumby, eastern region chairman of R3. - Credit: Archant

Only one in every 10 businesses in the East of England believes the burden of regulation has fallen since the 2010 General Election, despite Government promises to cut red tape, according to a new survey.

And the study, carried out by R3, the trade body for insolvency and corporate recovery professionals, found that about one third of firms in the region believe the regulatory burden has actually increased, while around half feel it has stayed the same.

R3 eastern region chairman Frank Brumby, a director at Isadore Goldman, said: “The Government’s record on deregulation has been decidedly mixed so far.

“Although the sentiment behind ideas like the ‘one-in, two-out’ rule is laudable, it is not clear that the regulations being removed are being noticed much by businesses.

“Speaking from the insolvency profession’s perspective, we have seen ‘deregulatory’ ideas proposed by the Government that would actually add to the regulatory burden of the UK’s insolvency practitioners. Business and Government aren’t necessarily seeing eye-to-eye on deregulation.”

R3 ? the letters stand for “Rescue, Reovery and Renewal” ? promotes best practice for professionals working with financially troubled individuals and businesses, with all its members being regulated by one of nine recognised professional bodies.