Thousands of the UK’s fastest-growing businesses will be released from reporting requirements and other regulations in the future, as part of plans aimed at boosting productivity and supercharging growth, Prime Minister Liz Truss announced earlier today (Sunday 2 October).

• more businesses to be categorised as small businesses, meaning less red tape
• move will potentially exempt tens of thousands of the UK’s growing businesses from relevant future regulations, saving them thousands of pounds
• start of a sweeping package of reforms to cut red tape for business and stimulate growth