New business minister Sajid Javid unveils plans to cut £10 billion in red tapeComments Off on New business minister Sajid Javid unveils plans to cut £10 billion in red tape
Javid is due to give his first speech since being appointed as head of the Department Business, Innovation and Skills in his hometown of Bristol today.
He will tell an audience at the Engine Shed business centre that he will cut back the reach of independent regulators to free up small businesses.
“As part of our long-term economic plan, we will sweep away burdensome red tape, get heavy handed regulators off firms’ backs and create a Small Business Conciliation Service to help resolve disputes,” Javid will say.
Evidence shows small firms are owed as much as £32 billion in late payments but often do not know how to go about a dispute.
The Small Business Conciliation Service has been created to help tackle the problem.
The plans are part of an Enterprise Bill that hopes to encourage job creation in the small business sector.
Anna Soubry, business minister, said the department of Business, Innovation and Skills would be enlisting the help of small businesses to help them identify burdens at home and in Europe.
A recent survey showed that many small business owners are most concerned about stability under the Conservatives, especially with the threat of a referendum over the UK’s membership of the EU on the horizon.