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Cameron pledges to cut red tape for SMEs

Cameron pledges to cut red tape for SMEs

Category: Business

Updated: 28/01/2014
First Published: 28/01/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

At a Federation of Small Businesses (FSB) conference held yesterday, David Cameron pledged to reduce the amount of red tape for small businesses to potentially offer savings to the tune of £850 million per year.

More than 3,000 rules affecting businesses are to be scrapped or changed, the majority of which are set to be "obsolete" environmental guidelines which will save around £100 million per year in itself. House builders, meanwhile, will see the "overlapping and confusing standards" applied to new homes reduced significantly – going from 100 to less than 10 – which could save the industry some £60 million.

In his speech Mr Cameron said that his Government would be the first in history where they end a term with fewer regulations than when they started, adding that he wanted to "get out of the way of small business success".

Other proposed measures include £1.1bn of business rates relief, £100m of broadband vouchers to get firms online, up to £2,000 in funding for around 20,000 small businesses and scrapping the jobs tax from April 2015, all touted as being additional ways that the Government was supporting small businesses.

In a statement, FSB national policy chairman Mike Cherry said he was "delighted" that Mr Cameron highlighted and recognised the long-term economic security small firms provide, but added that there was more still to be done.

"Small businesses point to the burden of complying with regulation as a major barrier to growth and the work done to cut red tape will help. Importantly Government should ensure when changes are made, they are done properly and with small businesses in mind and we would encourage it to look at how tax administration is regulated, as this area places the biggest burden on small firms," he said.

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