Stat of the day: £36.8bn

The amount companies say their businesses have to shell out on an annual basis to deal with red tape.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
Red tape is a perennial complaint from businesses, but this time company directors appear to be the ones suffering. According to figures from the Institute of Directors (IOD), the average time directors spent on regulation-related paperwork rose by four hours to 17 hours a month between 2009 and 2010.

The cost of dealing with this burden now stands at £36.8bn – up from £28.2bn the year before. The average director would have to work from January 1 until the February 9 to get all the paperwork completed. Despite the Coalition’s promise that bureaucracy would be trimmed for small businesses, for the time being at least, red tape is going to be sticking around for a bit longer.  

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