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Cut to red tape for small businesses

March 27, 2010 7:00 AM

South East England's Lib Dem Euro MPs have both welcomed the European Parliament's vote in favour of exempting small businesses from producing onerous annual accounts. The objective is to reduce the bureaucratic burden and so enhance competitiveness in the wake of the financial crisis.

Catherine Bearder said, "This is a ray of light for small businesses at a very difficult time. There are around 340,000 businesses in the South East that have nine employees or less. We can therefore be very confident that this proposal would allow many small South East businesses the breathing space they need in a tough economic environment."

"Under this measure small businesses would no longer have to keep the same reporting rules as the big companies that have the time and money to produce annual accounts with ease."

Chair of the European Parliament's Economic and Monetary Affairs Committee, Sharon Bowles said, "It has not been easy to push this proposal through the European Parliament but today all that hard work has paid off. I hope that the UK Government will support this proposal and seize this opportunity to lighten the bureaucratic burden for small businesses".