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Javid vows to slash red tape and end late payment practices for SMEs

THE UK’s new business secretary Sajid Javid will today unveil a raft of new measures to slash £10bn of red tape for business and outline plans to tackle the endemic problem of late payment practices.

As part of the government’s new Enterprise Bill and in the Bromsgrove MP’s maiden speech, Javid, who once worked at Chase Manhattan Bank and Deutsche Bank, will highlight the Conservative’s long-term economic plan to further back business to create more jobs.

Speaking in his hometown of Bristol, where he grew up above his parent’s shop, the Business, Innovation and Skills chief will champion his belief that the bill will make Britain the best country in Europe to start and grow a business, and help create two million extra jobs over the next five years.

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 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.”

Another key measure in the Bill is the creation of a Small Business Conciliation Service to help settle disputes between small and large businesses, especially over late payment practices.

Small firms are owed over £32bn in late payments, but many are unaware of their rights or are reluctant to launch legal challenges.

As part of the government’s target to cut red tape it will extend to independent regulators for the first time.

The bill also aims to support businesses through the extension and simplification of Primary Authority which allows a business to get advice on regulation from a single local council – advice which must then be respected by all other councils.

The government is expecting the European Commission to announce similar red tape-cutting proposals in Europe such as greater independence for the Commission’s Regulatory Scrutiny Board, and improved consultation and impact assessments.

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