UK government promises to save businesses £800 million in paperwork and tariffs

Britain's Prime Minister Andy Burnham leaves 10 Downing Street to attend PMQs at the House of Commons, in London, Britain October 21, 2026. REUTERS/Toby Melville Purchase Licensing Rights , opens new tab LONDON, Oct 23 (Reuters) - British Prime Minister Andy Burnham said on Friday his government would ​help businesses save almost £800 million ($1 billion) a ‌year by cutting back on paperwork and extending the suspension of some trade tariffs.

Speaking ahead ​of his government's first annual budget ​statement next week, Burnham said the measures ⁠would give businesses "breathing space to grow". Sign up here. The ​changes would make compliance guidance simpler and easier ​for small firms, saving £290 million, and extend £155 million of import tariff suspensions on 250 products used ​by businesses, Britain's finance ministry said. Another measure ​would reduce duplicative reporting burdens for asset management firms, ‌saving £105 ⁠million, and remove £116 million in costs for businesses involved in residential property transactions, the government said in a statement.

British finance ​minister John Healey ​is ⁠due to announce his first budget on Wednesday next week and ​he has promised to reduce the ​cost ⁠of business as well as help households with the high cost of living – though ⁠his ​ambitions will be limited ​by the fragile state of the public finances. ($1 = 0.7469 pounds) Writing ​by William Schomberg; editing by David Milliken Our Standards: The Thomson Reuters Trust Principles. , opens new tab Suggested Topics: United Kingdom X Facebook Linkedin Email Link Purchase Licensing Rights