A new Enterprise Bill designed to reduce regulation on businesses by at least £10 billion over the next 5 years has been announced by Business Secretary Sajid Javid.
In his first speech at the head of the Department for Business, Innovation and Skills, Javid announced a host of radical regulatory changes and committed them to the first Queen’s Speech of the parliament on 27th May.
The Enterprise Bill will target independent regulators for the first time, who will be asked to contribute significantly to the target of at least £10 billion in regulatory cuts.
The bill will allow for the creation of a Small Business Conciliation Service that will settle disputes between small and large companies over issues such as late payment.
It will also extend and simplify the Primary Authority system, which allows local authorities to provide businesses with regulatory advice. Under Primary Authority rules, advice given by a local council must be followed by all other councils, preventing businesses from having to comply with different rules.
Business Secretary Sajid Javid said the bill will “sweep away burdensome red tape” and remove “heavy handed” regulators from the backs of small businesses.
Business Minister Anna Soubry added:
“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.”
Responding to the government’s announcement, Katja Hall, CBI deputy director-general, said:
“Businesses will welcome the government getting back out of the blocks early by following through on its commitment to cut red tape.”
Contact us today to discuss your business planning.