The accountancy body says no further regulation should be introduced once the maximum cost to business has been reached to safeguard businesses ability to innovate and generate economic growth and employment.
Michael Izza, ICAEW chief executive, said: Businesses need certainty and a level of stability. Too much new regulation introduced over a limited period of time becomes a burden that impacts on businesses productivity levels, profits and ability to innovate. The costs of new regulation should therefore be capped.
Regulatory budgets setting out the maximum costs of new regulation that can be introduced in a particular area over a certain period of time will help ensure businesses arent overwhelmed by regulatory changes.
The call is one of 35 measures proposed by the body ahead of next month’s elections.