The Chancellor has set out a plan to save UK businesses nearly £6bn a year by cutting "pointless" administrative burdens, promising to "crowd in" private investment.
Rachel Reeves told business leaders at the UK's first Regional Investment Summit in Birmingham that the government would slash corporate reporting rules and speed up planning.
The move is part of a wider push, with over £10bn of private investment also announced for projects across the UK.
Ms Reeves said the "crackdown on needless form-filling" would help drive economic growth, which she called the government's "priority mission".
'Putting billions back into business'
Addressing more than 350 business leaders and local mayors, the Chancellor said the government's mission was to "create the right environment for investment."
The reforms include simplifying reporting rules for over 100,000 firms. The government said this would free small businesses, such as micro-breweries and family-run cafes, from burdensome accounting and lengthy director reports.
"Our mission is clear: to create the right environment for investment through our regulatory reforms," Ms Reeves is expected to tell the summit.
"Delivering the 25% [admin reduction] target will allow us to put nearly £6 billion per year back into the pockets of businesses by the end of the Parliament," she will add.
The government claims this could save companies with employees around 200 hours of administrative work per year.
Digital planning and new investment
Alongside cutting paperwork, the Chancellor set out plans to digitise the planning system in England. This could see developers using photo evidence and AI models to gain approvals online.
A new online map of underground pipes and cables is also planned, aimed at helping builders avoid costly accidental damage and delays.
The summit also served as a platform for major investment announcements. Private firms are set to unveil over £10bn of new projects across the UK.
This includes a £6.5bn investment from the firm Welltower to create thousands of new beds in elderly care facilities.
The government will also announce millions of pounds in further public investment for regional growth projects, signalling its focus on spreading economic prosperity outside London.
