To spur economic growth in her country, British Prime Minister Liz Truss has decided to widen exemptions and cut red tape by changing the definition of small business in terms of regulation from 250 to 500 employees. So, from October 3, UK firms having less than 500 employees can define themselves as small businesses. This change in definition will allow them to avoid reporting requirements and other regulations in the future and release 40,000 more firms from red tape. It will boost UK’s economy by generating more and better jobs and higher wages, promoting economic growth, and creating more funding for the country’s public services.
