Financial experts in the region have warned that regulatory reform must translate into tangible change for local businesses.

The Government has pledged to cut administrative regulatory costs for SMEs (small to medium-sized enterprises) by 25 percent, simplify licensing, and modernise corporate reporting requirements.

But accountancy firm Azets, which has offices in Surrey and Hampshire, says SMEs have heard similar promises before and are still waiting to feel the benefits.

From duplicative forms to delays in licensing decisions, regulation continues to eat into SME productivity. Azets says reforms must be felt on the ground, not just in policy documents, if the UK is to be the best place to start and grow a business.

The “Backing Your Business” strategy includes regulatory streamlining measures designed to make life easier for SMEs. Azets says success should be measured by whether owners see a real reduction in time spent on compliance.

Peter Gallanagh, UK chief executive at Azets, said: “We’ve been here before – ‘cutting red tape’ sounds great, but SMEs will judge it on delivery.

“That means fewer duplicative forms, faster licensing, simpler tax processes, and regulation proportionate to business size. Until owners feel it in their everyday workload, it’s just words.

“The Government’s plans to cut regulatory reform for SMEs are well-intentioned and ambitious, and welcome in the current business climate, which has resulted in SMEs worrying about future rainy days rather than investing any funds they have built up in going for growth.

“However, we have heard countless pledges to lighten the administrative regulatory load on SMEs from successive administrations over the years, and the most recent from the Government need to translate into tangible outputs for businesses for ambition to become reality.”

Azets, the UK’s specialist business advisor to SMEs, has an office in Surrey in Godalming and Hampshire offices in Southampton, Portsmouth, and Havant.