New employment laws will cost UK businesses dear, according to local lawyers and Chambers of Commerce.
The laws, due to be implemented over the next four years, could cost companies £22.87 billion, according to research by the British Chambers of Commerce.
Irwin Mitchell partner Danny Revitt, who chairs Barnsley and Rotherham Chamber of Commerce’s red tape and legislation working group says the costs of the new laws are “staggering” at a time when businesses are trying to minimise overheads in order to grow or, in some cases, simply survive.
“It is vital that the Government acts on its commitment to reduce the regulatory burden faced by the private sector, so that businesses can focus on growth and creating jobs rather than committing disproportionate resources to understanding and complying with new legislation,” said Mr Revitt.
Diarmuid Deeney employment partner at the Sheffield office of Kennedys, says the Government must take the figures produced by Chambers of Commerce seriously.
“There are seven major changes coming into place over the next year that could have a potentially damaging effect on businesses not just in our region but across the UK,” said Mr Deeney.
“Businesses across the private sector are already struggling with rising fuel prices, overall inflation and an inablility to secure finance from their banks.
“They are being asked to take up the slack from drastic job losses in the public sector, when they really could do without yet more costly and substantial changes to employment law.
“For SME’s in particular, the cost of creating new jobs and employing people will rise at an astounding rate which could in turn have a dramatic effect on securing economic recovery and restoring the overall economy.”
Irwin Mitchell is holding a free seminar on new business regulation and legislation at the Rotherham Means Business enterprise show, at Rotherham’s Magna Centre on Thursday March 10.
Visit www.rotherhammeansbusiness.co.uk to book a place.