Business Secretary Vince Cable has pledged to cut small business red tape in an attempt to boost the economy.
But, according to a report in today’s Financial Times, Cable said the Government was constrained by financial limitations and could not provide the sector with an “all-encompassing plan” for growth in the economy.
Addressing 200 business leaders at a dinner in London last night, he said ministers could only put the conditions in place for growth, highlighting deregulation, relaxing planning laws and boosting skills as measures that could get the economy moving.
Cable today announced that no small firm will have to have independently audited accounts any longer, saving 42,000 businesses around £40m a year.
He said: “I confess to a certain exasperation with commentators and opposition politicians who, for reasons of ignorance, amnesia or mischief, assume away the past and expect that the Government can somehow guarantee an immediate, miraculous return to rapid economic growth through some all-encompassing plan. Developed economic markets cannot be made to grow like the Soviet Union.”
One official told the FT: “This the opening salvo in a Government campaign to show that the focus is entirely on growth.”