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ACCA Urges UK: Cut Two Laws for Every New One!
19 Dec
Summary
- ACCA proposes removing two old laws for each new business regulation.
- Cumulative regulatory burden significantly challenges UK businesses, especially SMEs.
- ACCA calls for a 'holistic' approach to UK business regulation reform.
The Association of Chartered Certified Accountants (ACCA) has issued a strong call to UK politicians and regulators, advocating for a comprehensive overhaul of business regulation. The organization emphasized that the cumulative weight of existing rules presents a significant hurdle for businesses, especially small and medium-sized enterprises, hindering their ability to thrive.
To address this, the ACCA has put forth an innovative "one-minus-two" policy. This proposal suggests that for every new piece of business legislation enacted, two outdated or unnecessary regulations should be concurrently removed. Furthermore, the ACCA recommends periodic reviews to ensure regulations remain relevant and effective as economic conditions evolve.
ACCA UK head Glenn Collins highlighted that while regulation is vital for the UK's reputation, outdated or ineffective rules create substantial costs and burdens. The association also pointed to the complexity of the UK tax system and urged swift finalization of legislation for the Audit, Reporting and Governance Authority (ARGA). Additional suggestions include enhanced data sharing between regulators and developing international standards for AI legislation.
