New Business Secretary To Announce Plans To Cut £10bn of SME Red Tape.

When a new government is elected, what’s the thing you would desire most of all?

Well, from an accountants’ point of view it would be the announcement of new measures to cut SME red tape and further help to stimulate and re-invigorate the small and medium-sized business sector. Well, the good news is the new administration appears to have hit the ground running. If press reports prove to be correct, then that is exactly what new Business Secretary, Sajid Javid, will do.

It’s believed Mr Javid will pledge to cut at least £10bn of SME red tape during the next five years.

 

This is to enable Britain’s small business sector to grow. In a speech this week he is expected to reaffirm his and his Governments’ commitment to helping small firms. Mr Javid has labelled small businesses the “engine room” of British industry and has vowed to back small businesses to the hilt. He has also previously stated his intention to get “heavy handed” regulators off the backs of small business owners and entrepreneurs.

In the Business Secretary’s inaugural speech, he is expected to unveil an Enterprise Bill which will form the core of the first Queen’s speech of the new Parliament. The speech will take place in Bristol at the Engine Shed Business Centre, Temple Meads.

What can we expect from the new Enterprise Bill?

 

Well, the possible reforms that have been suggested by the Government include a lighter regulatory regime for SMEs and improved impact assessments.

Anna Soubry, the new Small Business Minister, described the pending Enterprise Bill as “no nonsense”, stating the Government wants small businesses to work with them in “identifying and scrapping needless burdens at home and in Europe.”

John Longworth, director general, British Chambers of Commerce (BCC), said:

“Businesses have been let down by successive governments promising to make inroads, so we will be watching carefully to make sure these proposals are delivered.”

“To further free companies up from red tape and focus on growth, businesses will now expect to see a similar commitment from Brussels.”

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