EU Proposals could save up to €41 billion for businesses per year – Hayes

Fine Gael MEP, Brian Hayes, today (Thursday), said that new EU proposals aimed at slashing administrative red tape could save up to €41 billion annually for businesses.

“These recommendations by an EU High-Level Group dedicated to cutting bureaucratic burdens could stimulate an important range of new measures which will reduce red tape for businesses.

“The recommendations, announced this week, are contained in a report by a 15 Member Expert Group, which is chaired by Edmund Stoiber, former leader of the state of Bavaria. The High-Level Group estimate that €41 billion in total potential savings could be achieved from reducing administrative burdens in the EU.

“It is clear that in many sectors, there is over-regulation which is hampering businesses from operating to their best possible capacity. The key here is smart regulation and enabling businesses to negotiate their way through costly and timely bureaucratic procedures in an effective manner.

“The Irish Government needs to take a proactive approach to this and outline concrete measures they will pursue on foot of the report.

“SMEs are of course the driving force of Ireland’s and Europe’s economy, and therefore the need to develop an SME-friendly business environment is a crucial factor in our recovery.

“Mr. Stoiber’s report proposes that, where justified, there should be more SME exemptions and lighter legislative rules. The recommendations may be ambitious but they demonstrate clearly that more can be done to enable smarter and fairer business regulations.”