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EU slashing red tape could help 9 out of 10 London firms

PUBLISHED: 07:00 11 March 2010 | UPDATED: 15:41 05 October 2010

THE European Parliament has voted to exempt struggling small businesses from producing onerous annual accounts. The amendment to EU company law would vastly reduce red tape for 90 per cent of the businesses registered in London

By Mike Brooke

THE European Parliament has voted to exempt struggling small businesses from producing onerous annual accounts.

The amendment to EU company law would vastly reduce red tape for 90 per cent of the businesses registered in London.

“This will give small businesses the breathing space they need in a tough economic environment,” said London Lib Dem MEP Sarah Ludford.

“Two million businesses in the UK have fewer than 10 employees, including nine out of 10 London firms. This slashing of red tape and costs will boost London’s economy and help create jobs.”

But EU member states would first have to endorse this proposal.

Sarah Ludford is calling on Gordon Brown “to work with Lib Dems to lighten the bureaucratic burden.”

This would help retail and other businesses in the high street. Lib Dem UK leader Nick Clegg recently launched in London the party's campaign to save independent shops, after 12,000 closed up and down the country last year. He wants reform of business rates and local decisions on whether competition from supermarkets should be permitted, similar to London Mayor Boris Johnson’s high street campaign.


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