Mumbai, India (PressExposure) July 07, 2009 -- A recently released research by the Forum of Private (FPB) shows that the small businesses in the UKâs manufacturing sector are incurring huge expenses for complying with the government legislation. The research findings by the non-profit lobby and campaign group were published in its quarterly survey of members called Referendum.
According to the research figures in Referendum, the recession-hit small-scale manufacturers in the UK are forced to spend over Â£1.2billion and an average of 41 hours per month on filling forms and doing other paperwork to comply with government regulations.
Small manufacturers in the UK spend nearly Â£375million for conforming to health and safety regulations. For employment legislation costs, SMEs incur costs up to Â£320 million per annum, while holiday-related compliance costs come at around Â£130 million annually.
Given the tight liquidity situation and the hostile trading conditions, it is becoming increasingly difficult for Britainâs small-scale manufacturers to spend such exorbitant amounts on annual legislation and compliance.
The FPB has thus called for easing the legislative burden on SMEs. It has also asked the government to reduce red tape as this can result in saving nearly Â£3 billion annually for the manufacturing SMEs in the country.
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