Having long considered themselves the party for business, the Conservatives are putting their money where their mouths are in regards to their pledge to support UK enterprise. It seems one of the party’s first moves to prove its mettle is to slash the red tape it feels has tied British businesses in knots. Sajid Javid, business secretary, will today pledge to trim the regulatory burden on businesses by at least £10bn over the next five years with a new Enterprise Bill aimed at fostering growth and supporting businesses in the creation of new jobs.
In his first speech since becoming business secretary, Javid is to announce that the Enterprise Bill will help to make Britain the best location in Europe both to start and grow a business. With the bill, the Tory government is aiming to create two million new jobs during the next five years in order to ensure more people have the security of a regular pay cheque.
The business secretary is also expected to announce the creation of a Small Business Conciliation Service to help resolve disputes between small business and their bigger brethren. One of the main focuses of the new service will be on helping SMEs tackle late payment practices: currently small firms are owed more than £32bn in late payments and yet many are not aware of their rights or are wary of launching legal challenges.
“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,” Javid said. “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.”
With supporting businesses on the forefront of its agenda, it certainly seems the government is bringing out the big guns to help Britain’s small businesses.