Companies continue to be concerned about the increasing cost of complying with business regulation, a survey has revealed.
The latest Quarterly Economic Survey (QES) released by Northern Ireland Chamber of Commerce and Industry in partnership with business advisors BDO, revealed that 73 per cent of businesses have experienced rising costs when complying with business regulation over the last five years.
The survey also stated that a majority of firms (57 per cent) believe the quality of guidance around regulation to be good but 52 per cent of firms expressed concerns on how regulations were developed, stating that the government does not engage well with them before any new regulation is introduced.
In contrast, 45 per cent of firms stated that it is not regulations that are the problem but the way they are enforced by regulators. Meanwhile 40 per cent of respondents expressed a concern that the requirements of local businesses are not adequately represented at EU level. Respondents were also asked which areas of regulation their company finds the most burdensome they replied health and safety (41 per cent) and employment (35 per cent).