Norfolk Chamber welcomed the Government’s commitment to reduce the amount of red tape that is burdening small businesses. In the Queen’s Speech last week, the Government outlined the measures in the Enterprise Bill to reduce the regulations on small businesses to help them to create jobs and to reward entrepreneurship.
The purpose of the Bill is to cement the UK’s position as the best place in Europe to start and grow abusiness, by cutting red tape and making it easier for small businesses to resolve disputes quickly and easily.
The Government aims to create a ‘Small Business Conciliation Service’ to help resolve business-to-business disputes, especially over late payment. Data from Hitachi Capital Invoice Finance shows that 26% of invoices are paid after the agreed 60 days to SME businesses in Norwich.
Another aspect of the Enterprise Bill is a commitment to improving the business rates system ahead of the 2017 revaluation, including modernising the appeals system. In particular, the introduction of business rates appeals reform, including modifying the Valuation Tribunal powers to consider ratepayer appeals and allowing the Valuation Office Agency to share information with local government to improve the system for both local government and ratepayers.
Commenting on the Queen’s Speech, Caroline Williams, Chief Executive said:
“Simplifying life for small or growing businesses should be an objective shared across the political spectrum. If properly targeted the Government’s efforts to cut red tape for business could make a real difference – saving time and money. However, as much of the most costly regulatory burdens are created by the EU, cutting red tape will be a challenge.
“The government also has a role to play in helping to alleviate both the cause and effect of late payments. But, in order to truly change the culture of late payment, we need to see a concerted effort from businesses themselves.”
Although reducing red tape is a national rather than a local issue, this is important for Norfolk business and is therefore included in our Business Plan for Norfolk. The British Chambers of Commerce (BCC) is driving forward on this agenda, as stated in theirBusiness Manifesto, and need our local support.
When taxes, and other costs like energy, increase as a result of national government policy, it’s business growth, investment and jobs that suffer. The UK has the highest business rates in Europe, increasing costs before a single sale is made. Norfolk Chamber and the BCC called for:
- Freeze Business Rates for all companies until 2017 and carry out a full revaluation of premises in 2017
- Review the Business Rates system by 2017 with the aim of delivering a competitive local tax system by 2022
- Merge income tax and employee National Insurance Contribution for full tax transparency
- Pledge no new measures which would increase energy costs for the life of the next parliament
The Queen’s Speech outlined the key elements of the Enterprise Bill, which will go some way towards addressing our concerns and meeting the Chamber ask.
