The European Commission plans to abolish burdensome rules which oblige small firms to submit audit reports to national authorities.
Commenting on the move, David Frost, Director General of the British Chambers of Commerce (BCC), said:
“With 75 per cent of the regulatory burden on business originating in Brussels, this will be good news for hard-pressed small firms.
“It will be business that leads the UK out of recession. For this reason it is vital that companies are given the freedom to create jobs and wealth.
“The cumulative cost of regulation on business now stands at £66 billion, so the UK government should go further by announcing a moratorium on harmful extra legislation in what are exceptionally difficult times.”