2006
(05/04/2006) Weight of Government legislation is stifling UK productivity
SMEs are finding dealing with red tape to be a huge burden on their businesses and it is stifling productivity, according to new research by AXA1. 85% of businesses surveyed believe that the weight of Government legislation has increased in the last twelve months and 54% state that the effect of more legislation will reduce productivity.
When asked about what types of legislation were the most time consuming to deal with, 35% stated health and safety regulations, 30% stated employment regulations and 20% said financial regulations.
To help owner/managers run these key areas of their business more efficiently, AXA has launched a new red tape busting package of online tools called Business Builder. The easy to use package is a one-stop shop for all legal and administrative matters and includes essential support and advice on the following areas:
- Health & Safety (easy production of policies, assessments and procedures)
- Employing Staff (solves basic HR and statutory employment obligations)
- Bookkeeping (manage VAT, create invoices and provide control of finances)
- Business Planner (business continuity, developing business plans, marketing and financial planning)
- 24/7 Legal Helpline (provides comprehensive legal expertise on terms and conditions of employment, issues around redundancy, data protection etc)
- Sales and Marketing (essential tools to promote businesses)
- HR and Records (procedures and documents for complete HR compliance)
To celebrate the launch, AXA is offering one month's free subscription worth £18 plus VAT. This offer is available to AXA and non-AXA customers from www.axa4business.co.uk
Mike Butler, commercial strategy manager, AXA commented: "Over the past twelve months we have spoken to a number of businesses and one of the common issues that they admit to struggling with is dealing with legislation. Wading through the red tape is not only a source of frustration but more worryingly can have a negative impact on productivity. In response, AXA has launched Business Builder which we hope will take the burden out of these vital everyday tasks and help owner/managers to run their businesses more efficiently. With one month's free subscription, SMEs have a great incentive to give it a go!"
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Notes to Editors
1Research taken from AXA Business Risk Monitor, November 2005. Survey of 400 SME managers conducted by Vanson Bourne, October 2005.
About AXA
AXA is a world leader in financial protection. AXA's operations are diverse with major operations in Western Europe, North America and the Asia/Pacific area. AXA employs 120,000 staff and tied agents and, as of 31 December 2005, had € 1,064 billion in assets under management. AXA reported total IFRS revenues of € 72 billion and IFRS underlying earnings of € 3,258 million for the full year 2005. Our previous company performance is not a guide to how we may perform in the future.
AXA ordinary shares are listed on the Paris Stock Exchange; AXA American Depositary Shares (ADSs) are listed on the NYSE under the ticker symbol AXA.