Written question asked by Tony Colman (Labour) on Monday, 17 November 2003, in the House of Commons. It was due for an answer on Wednesday, 19 November 2003. It was answered by Nigel Griffiths (Labour) on Wednesday, 19 November 2003 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, what measures she is taking to reduce the administrative burden on small businesses.

Answer: Mr. Colman: To ask the Secretary of State for Trade and Industry what measures she is taking to reduce the administrative burden on small businesses. [139901] Nigel Griffiths: I can confirm today that the small company audit exemption threshold will be raised to the EU maximum of £5.6 million. This will mean 69,000 companies will be added to the 822,000 already able to make their own decision about whether to have their accounts audited. This is expected to save companies at least £94 million a year. The recent OECD review of EU countries shows the UK has almost the lowest administration cost and few regulations for entrepreneurs than any other EU country. We are seeking further improvements through Regulatory Impact Assessments, `Think Small First' and `Small business Europe', which promotes better regulation.

Secondary information