Chancellor says plans to scrap paperwork will save firms £6bn

RACHEL Reeves has said plans to scrap paperwork and “arbitrary rules” for thousands of UK businesses would save firms almost £6 billion a year by the time of the next election.

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She set out a package of measures aimed at boosting lacklustre economic growth at the Regional Investment Summit in Birmingham on Tuesday.

‘The gathering of business leaders and investors came after more gloomy news emerged for the Chancellor as Government borrowing in September hit the highest level for the month in five years.

‘The data from the Office for National Statistics (ONS) piles more pressure on Ms Reeves ahead of the November 26 Budget, in which she will have to fill a black hole estimated at around £50 billion by some economists.