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WALES: EU to cut red tape for small business.

Byline: By DAVID JONES Business Correspondent

SMALL business leaders in North Wales are welcoming an EU decision to cut red tape hampering small firms fighting the recession.

The European Commission is abolishing accounting rules which oblige "micro enterprises" - with fewer than 10 staff and turnover below pounds 880,000 a year - to submit audit reports to national authorities.

Ending the requirement will save about pounds 5.6bn a year in running costs incurred by Europe's smallest businesses - as much as pounds 1,070 per business, says the Commission.

The move requires formal endorsement from MEPs and EU ministers, but the proposal is part of the EU's Economic Recovery Plan unveiled last November, and is not expected to be challenged.

The Federation of Small Businesses estimates that the average small business spends seven hours per week dealing with regulations and paperwork.

North Wales FSB regional organiser Mike Learmond last night said firms across the region would welcome the EU move.

He said: "Our own research has shown the owners of small businesses have said they would use the hours saved to train staff and themselves.

"They would also have more time to be able to go out and look for new business.

"It is very encouraging that Brussels is finally looking at the amount of red tape businesses have to deal with."
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Publication:Daily Post (Liverpool, England)
Date:Feb 27, 2009
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