Government slashes red tape and tariffs to give businesses breathing space

News story published by HM Treasury on Friday, 23 October 2026 at 06:00 UK time · 2026 Burnham Labour government.

What was announced

British businesses will get a bit more breathing space as the Chancellor announces new plans to slash the red tape choking firms.
HM Treasury, gov.uk

Businesses across Britain to save almost £800 million as Prime Minister and Chancellor strip back outdated paperwork, unnecessary form filling, and extends suspensions on tariffs for business
Government introduces new measures developed in partnership with small businesses to cut bureaucracy, as Prime Minister and Business Secretary meet with small business leaders at No10 North
Announcement comes ahead of the Budget next week that will give businesses some breathing space for today and hope for the future

Each line is quoted from the original. Figures are as the publisher stated them on the day.

“From family-run bakeries to high tech manufacturers and financial services firms, businesses across the country are set to save almost £800 million in administrative and tariff costs per year with government making changes that mean less time filling in forms, removing duplicate requests for information, leaving more time to run and grow business.”
“These reforms could save businesses operating as part of a wider national group up to £20,000 per year.”
“The changes announced by the Chancellor today include over £600 million per year in regulatory admin savings for businesses, for example: Streamlining company reporting requirements, saving firms up to £290 million per year; Reducing duplicative reporting burdens for asset managers , saving £105 million a year.”
“Streamlining the home-buying and selling process, saving businesses in the transaction chain £116 million a year Additionally, the Government is extending import tariff suspensions on more than 250 products favoured by businesses, saving up to £155 million per year.”
“The changes support the government’s plan to cut the administrative burden of regulation on businesses by 25% by the end of Parliament.”
“Delivering this will save UK businesses with employees 280 million hours per year.”

Topics, as GOV.UK files them: Business and industry.

Original: https://www.gov.uk/government/news/government-slashes-red-tape-and-tariffs-to-give-businesses-breathing-space
Published 2026-10-23 05:00:00 UTC
Read by this site 2026-10-23 19:45:25 UTC from GOV.UK
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