Business Secretary to announce small business support
Sajid Javid’s plan to cut red tape could benefit construction SMEs.
The Secretary of State for the Department of Business, Innovation and Skills will set out new measures to support businesses in his speech today.
Sajid Javid’s first speech as Business Secretary will be delivered in Bristol today – a city he knows well, having grown up there where his parents owned a shop.
The new Enterprise Bill which is part of the Government’s long-term economic plan will see red tape cut for businesses by at least £10Bn over the next five years.
Javid will set out these measures today when speaking at the Engine Shed business centre, which will not only assist in job creation but will give important support to entrepreneurs.
He said: “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.
“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.
“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.”
These will be important measures for the construction industry and could give small businesses starting up or in their early stages the welcome boost to be able to get on with work quicker without the burden of red tape.
Javid believes that this new bill will see Britain become a European hub for those who want to start and grow a business and within the next five years, it is expected to create two million jobs.
The Small Business Conciliation Service referenced will be a central measure in the Enterprise Bill because its creation will allow disputes between small and large businesses regarding matters such as late payment be settled much easier.
This is a problem that certainly needs to be addressed, with £32Bn being owed to small firms in late payments. The Small Business Conciliation Service will add to the measures already in place.
The Government’s ambitions to cut red tape will extend to independent regulators who will be expected to contribute to a £10Bn target.
Business Minister Anna Soubry stressed the importance in supporting small businesses, adding: “This will be a no nonsense bill to back small businesses and help create jobs, giving financial security and economic peace of mind to hardworking people across the country.
“We will be asking businesses for evidence in the coming weeks and months. We want them to be our partners in identifying and scrapping needless burdens at home and in Europe.
“It’s important Government gets behind small businesses – enabling them to get finance, get paid on time and get rid of red tape.”
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