How the government plans to cut business costs
The package includes more than £600 million in annual savings from reducing administrative burdens. The main measures are: - Company reporting: Simplifying reporting requirements is expected to save businesses up to £290 million annually. - Asset management: Reducing duplicate reporting requirements could save firms £105 million a year. - Property transactions: Streamlining the home-buying and selling process is expected to save businesses involved in these transactions £116 million annually.
The government will also extend import tariff suspensions covering more than 250 products, generating savings of up to £155 million a year. The products benefit businesses across sectors including chemicals, plastics, automotive, food and beverages. The extension is intended to prevent businesses from facing higher import costs when the existing suspensions expire.
Small businesses to face fewer reporting requirements
The government is also accepting most recommendations from its Small Business Taskforce, which worked with business leaders to identify unnecessary rules.
Planned changes include standardising requirements for public contracts, particularly in sectors such as construction, reducing the number of requests businesses receive through official surveys, and making guidance easier to find online. Small businesses will also be able to report regulations they consider disproportionate.
The government’s ‘Tell Us Once’ ambition aims to reduce repeated requests for the same information. It will also pause plans requiring the smallest businesses to file full profit and loss accounts with Companies House from April 2028.
The wider goal is to reduce the administrative burden of regulation by 25% by the end of Parliament, potentially saving businesses with employees 280 million hours annually.
Budget next week will test the government’s plans
The measures come as businesses continue to face cost pressures. Chancellor John Healey is due to present the government’s Budget on Wednesday, 28 October 2026, with plans to ease costs for companies and households.
However, the savings announced so far are targets based on proposed changes, rather than money already saved by businesses. The government’s ability to deliver further support will also be shaped by the condition of public finances.