Government to Cut Small Business Red Tape by £10bn
Business secretary Sajid Javid set to announce new measures to “help make Britain the best place in Europe to start and grow a business”
Business secretary Sajid Javid will announce the government’s plans to cut red tape by at least £10bn today (May 19) in his first speech since being appointed to his new position.
The red tape reductions are to take place over the next five years as part of the New Enterprise Bill and will help boost small business growth and create more jobs, according to the department for business, innovation and skills.
The speech, which will take place at Engine Shed business centre in Bristol (the city where Javid grew up), coincides with the EU Commissions’ announcement to cut EU red tape and will include the government’s plans to tackle business payment issues by introducing a Small Business Conciliation Service to help settle disputes over late payments.
The former culture secretary’s statement comes ahead of the Queen’s Speech, where the government will commit to the new Enterprise Bill, which Javidsays will help create over two million jobs and make the UK the best place to run a business.
Javid, who has been tipped as the next conservative leader, emphasised his support for Britain’s small businesses in an announcement prior to the speech:
“Small businesses are Britain’s engine room and the success of our whole economy is built on the hard work and determination of the people who run and work for them,” he is expected to say.
“As business secretary I will always back them and, in my determination to get the job done, one of my first steps will be to bring forward an Enterprise Bill that helps them to succeed and create jobs.”