The Office of Regulatory Affairs and Service Effectiveness estimates work done to reduce red tape saves Nova Scotia business more than $5.3 million annually.
Released today, June 29, the office’s second annual report, called Taking Action and Delivering Results, details the work of the office in its first full year of operation.
“To date, we’ve cut more than $5 million in red tape and these are annual savings – we will cut $25 million by the end of 2018,” said Premier Stephen McNeil, who is the minister responsible for the office. “Cutting red tape will help create more jobs for young Nova Scotians and more opportunity for the middle class.”
Highlights from 2016-2017 include:
— development of a tool, in use across government, to assess regulatory impact, including dollar impact to business. This tool was used to cost red tape reduction efforts to date
— launch of the Business Navigation Service, a first-of-its-kind service that has already helped more than 400 businesses navigate the regulatory environment
— a listing of initiatives across government to reduce red tape, many of which provide estimated cost savings to business.
The office also functions as a joint office of the four Atlantic provinces. In this capacity, it led efforts across the region to align rules in areas like trucking, procurement, occupational health and safety and insurance, making it easier and less costly to do business across the region.
“It is complicated and challenging to successfully compete in business,” said Jeff MacLean, president of Michelin North America (Canada) Inc. “Many regulations are not only important but necessary. Unfortunately, there are unnecessary regulations that add costs and delays for no gain. The work being done by the Office of Regulatory Affairs and Service Effectiveness is critical to Atlantic Canadian businesses competing and winning with the many competitors in this now global market place.”
A report released by the Atlantic Provinces Economic Council estimates that a 10 per cent reduction of trade barriers within the Maritimes could result in more than half a billion dollars of additional annual economic activity in Nova Scotia.
The annual report is online at: http://novascotia.ca/regulatoryopportunity/.