Small business support was the flavour of the political week and Monday set the ball rolling with three government announcements as part of their support package for small businesses.
David Cameron started the week talking about the government’s battle of the bulge with the statute book. The government’s Red Tape Challenge, launched in 2011, set an ambitious target of reviewing 3,000 domestic regulations in order to reduce the regulatory burden on business. It was announced that the target has been exceeded and over 800 regulations have already been abolished or improved.
It is always good news to hear that unnecessary regulation has been scrapped but the Forum’s policy team sees this as the beginning rather than the end. Reviewing existing regulation is a good start but to make a real difference to members we want to see the government commit to reducing incoming regulation both from Whitehall and Brussels. To see our response to the Red Tape Challenge announcement click here.
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Over at Number 10 Lord Young launched Growth Vouchers; the latest scheme to help small businesses fund business support and advice. The vouchers will fund up to £2,000 of accredited business support for up to 20,000 small businesses. The program will test the impact of professional support on business growth and how vouchers incentivise action. All eligible businesses will go through a diagnostic process before finding out if they are able to claim a voucher. Find our more and sign up here.
The launch of The Business Exchange rounded off Monday’s announcements. The Exchange will enable businesses large and small to share skills, experience, and resources. The exchange is focused on five themes; skills, markets, finance, innovation and resource, and wants big businesses to pledge to adopt or increase working practices that benefit small businesses such as paying suppliers on time. Members can see what has been pledged so far by visiting www.greatbusinessexchange.co.uk.