In his first speech as business secretary, Sajid Javid has set out a raft of measures designed to support and nurture small businesses in the UK.
Speaking in Bristol, the city where he grew up above his parents’ shop, Javid 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."
At the top of his list is a commitment to include an Enterprise Bill in this Government’s first Queen’s Speech. He has also pledged to cut red tape by at least £10 billion over the next five years; and, for the first time, he will target independent regulators as well as Government departments.
The Government announced in January this year that it had already saved £10 billion as part of the Red Tape Challenge.
This latest announcement comes as the EU sets out plans this week to cut red tape, following recommendations for reform from a UK business-led taskforce set up by David Cameron.
Business minister Anna Soubry is asking UK businesses to submit evidence of unnecessary red tape. She said: "We want [businesses] to be our partners in identifying and scrapping needless burdens at home and in Europe."
Javid said the UK’s Enterprise Bill would help to create two million more jobs over the next five years. He also announced the launch of a Small Business Conciliation Service.
This new service will help settle disputes between small and large businesses, especially over late payment. Small firms are owed over £32 billion in late payments, but many of them are not aware of their rights or are reluctant to launch legal challenges.
The Enterprise Bill will also support businesses through the extension and simplification of Primary Authority. This scheme allows a business to get advice on regulation from a single local council; this advice must then be respected by all other councils, reducing the time and cost to businesses of having to obey different rules.
Image of Sajid Javid: Foreign and Commonwealth Office on Flickr.