EU Regulation has cost UK business £107 billion - Allister
18 March 2009
Speaking in a debate in the European Parliament on small business, Traditional Unionist MEP Jim Allister hit out at the cost of EU Regulation to business. Quoting recent figures from "Open Europe" he said it had cost UK business £107Billion over the last 10 years, money which he said should have been going into innovation, intensified export efforts and into growth.
In the course of his remarks Mr Allister said:-
Jim Allister (NI). – "Madam President, the fact that 70% of private employment in Europe is provided by SMEs is a tremendous tribute to their entrepreneurial tenacity, because oppressive EU regulation makes their lives unnecessarily and extremely difficult.
Hence, I would repeat a call I have made before that during the currency of this economic downturn, there should be a regulation holiday for SMEs. The cost of EU regulation in the United Kingdom has been reckoned to be GBP 107 billion over the last ten years. That is GBP 107 billion that should have been going into innovation, into intensified export efforts and into growth. Yet much of that has had to be spent on mere compliance with regulation. The simplification of procurement procedures, reducing patent costs, relaxation on state aid rules and real action against unfair competition from the Far East are all essential if SMEs are to flourish.
Today we need family SMEs – small businesses – more than ever because they have the type of commitment and sticking power to get us through this crisis. However, they need our help and they need it by lifting the dead hand of EU regulation from them."
