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Bureaucracy and a host of regulations cost entrepreneurs and small businesses an average of seven hours per week dealing with paperwork, according to a new report by the Federation of Small Businesses (FSB).
The report and accompanying DVD of interviews with small business owners across the UK will be launched in Brussels and also at the Conservative party conference in Blackpool.
The findings highlight the adverse impact of government imposed regulations which prevents small businesses expanding and employing more people and the potential hindrance it is to new, successful company formations.
Some 58 per cent of business owners and company directors said they would rather spend time training staff or working with schools.
The FSB wants to encourage the UK government and the European Commission to deliver on their promises on deregulation. The Commission has voiced its committment to cutting red tape and is encouraging member states to follow suit. The potential gain from deregulation across the EU is estimated at €150 billion.
Tina Sommer, FSB EU Affairs chairperson said: "Both the UK government and the EU institutions are relying on entrepreneurs to create jobs and wealth. But the regulatory burden is weighing down small businesses."
She added: "Shorter, simpler regulations will enable businesses to follow the rules more easily as well as protect their existing employees. They will also be able to hire more staff as they use more of their seven lost hours to grow their businesses."
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