In his first speech since being appointed Business Secretary, Sajid Javid was expected to address the future of small businesses, as well as outlining a new Enterprise Bill.
In the speech delivered on Tuesday, the main focus of Javid’s address was to expected to be cutting down the amount of red tape affecting small businesses.
This announcement came at a critical time for small businesses. Last month, SME Insider reported that small businesses could have added nearly £5bn to the economy if not for red tape costing employers valuable time and effort.
According to the Telegraph, Javid is set to tackle a number of key issues plaguing SMEs in the future. Javid gave his speech in his hometown of Bristol. Javid lived above his parent’s clothes shop during his childhood in the city.
‘‘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. We will sweep away burdensome red tape… [and] get heavy handed regulators off firms’ backs,’’ Javid is likely to say.
The Enterprise Bill is designed to simplify existing Primary Authority provisions. What this will mean for SMEs is that when a small business owner goes to a local council for advice on regulation, the advice that they receive must be respected by other local councils. This means that small business will run into less red tape when doing business in other areas.
‘‘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,’’ continued Javid.