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Cable looks to remove barriers for small businesses

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.”

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. He could make a good start by forcing Nest to review their proposed processes and reigning in the powers of the Pensions Regulator to impose fines. The latter is adopting all the hallmarks of the FSA, they say they want a light touch and then get powers to fine people up to £10,000 a day!

  2. remove barriers, deregulation, what a joke not only are these getting worse but by the time RDR and the Nest scheme comes in they will be lucky if there is anyone left giving advice

  3. Cut red tape ?? what a hoot. The FSA thrive on it to justify their non jobs and jumbo incomes. The little guy is not only being strangled by red tape but is also being kicked in the teeth whilst going down.

  4. Easy to talk the talk, but never any action. Rid us of the regulators and the economy will grow, very simply by reducing these stealth taxes (regulation fees), then we can make profits that will be taxed and give small business 30% more time to do business instead of fileing more and more rubbish on line that we can be fined for if we get it wrong!!!

  5. Employment law should protect the employer not the employee. The FSA should protect us not the customer. The FOS is there to protect the customer.

    FSA, CPA PRA, you cannot regulate both sides of the fence

  6. What about a Consumer Regulation Authority for Pensions? 🙂

  7. Being of a certain age, I’ve heard all this carp before. Sounds good, but red tape increases manifold. The truth is that the Civil Service will NEVER allow a government to reign in its empire building.

    I can think of one way they could save £500 million a year at a stroke…

  8. Julian Stevens 9th March 2011 at 9:59 am

    A worthy and welcome aspiration but, as far as the FS industry is concerned, first base should be to force the FSA to adhere to the precepts of the Statutory Code of Practice for Regulators. The framework for the way in which regulators are supposed to operate already exists, so surely enforcing that should be the first step? Unfortunately, the goverment, of which Mr Cable is a part, has already declared that the FCA will be as “independent” of government as the FSA and acountable to no one but itself. So what will change in the wake of the FSA blowing £50m on what looks like it’s going to be nothing better than a cosmetic rebrand?

  9. Re Julians post

    “So what will change in the wake of the FSA blowing £50m on what looks like it’s going to be nothing better than a cosmetic rebrand?”

    Nothing Julian, you can put lipstick on a pig but…..

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