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The government has announced that it is on track to cut the level of red tape faced by the UKs businesses by an annual figure of £800 million.
Amid rising discontent among company directors of SMEs who have bemoaned the chancellors capital gains tax reforms which will see a fixed figure for all businesses, the government maintained it is making good progress.
In a new report, the Department for Business, Enterprise and Regulatory Reform pointed out its creation of 280 burden busting initiatives – "more than one initiative for every working day" – by 19 departments and agencies.
Other initiatives among the 280 reforms completed this year include no longer requiring 60,000 private firms to employ a company secretary.
The Delivering Simplification Plans document said that ministers are on target to save companies more than £3.5 billion in administrative costs by 2010 in areas including health and safety, construction, employment and tax.
Business secretary John Hutton said: "Todays plans demonstrate we are making significant headway on what is a difficult and challenging agenda.
"By tackling redundant regulation we are making a difference to the way people run their businesses and in their everyday lives."
Some critics have denounced the report, saying it lacks substance. According to the British Chamber of Commerce, an estimated £56 billion of new regulatory burdens have been imposed on businesses since 1997.
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