The governments ‘Red Tape Challenge’ initiative launched last year was part of the government’s plans to cut down on unnecessary rules and regulations that are barriers to growth for many UK’s SMEs. This week the new business minister, Michael Fallon, has spoken about further plans to support SMEs and entrepreneurs with reduced regulations.
Mr Fallon, appointed as part of the cabinet changes earlier this month, described the plans to support ‘challenger’ businesses; described as ‘innovative enterprises that do not follow set ways of business working’ and therefore are affected by some regular pieces of business legislation.
He spoke about the new support for these businesses, saying; “Challenger businesses create wealth and jobs – we should champion them at every opportunity. They put new products on our shelves, innovate our service industry and create new markets using the latest technology. I don’t want these pioneers falling foul of outdated regulations.”
Continuing on from the former business minister, Mark Prisk, and previous work to review business regulations and employment law, Mr Fallon continued; “I am now looking in more depth at the rules and regulations that are holding back our most forward-thinking entrepreneurs. That’s why in addition to the package of proposals, I am also strengthening the role of the independent Regulatory Policy Committee to make sure that regulation barriers to challenger businesses’ growth are removed.”
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