The UK Government says businesses could save almost £800 million a year under new measures to reduce paperwork and extend the suspension of selected import tariffs, as Prime Minister Andy Burnham prepares for next week’s Budget.

Announced on 23 October, the package is designed to reduce administrative costs and give companies greater flexibility to invest and grow.

According to the Government, simplifying compliance guidance for smaller firms could save £290 million annually. Extending tariff suspensions on 250 business-related products is expected to deliver another £155 million in savings.

Further measures include reducing duplicate reporting requirements for asset management firms and removing costs associated with residential property transactions.

The announcement comes ahead of Chancellor John Healey’s first Budget statement on 28 October. The Government has made reducing business costs a central part of its economic agenda, although pressure on public finances could limit the scope for wider support.

The proposals will now face scrutiny over how quickly businesses can benefit and whether the projected savings translate into stronger investment and growth.