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Red Tape Protection for Small Businesses

If red tape is one of the big obstacles to growth that your business is experiencing then you’re definitely not alone. However, this is one issue that the government is well aware of – and Business Minister Michael Fallon is set to announce that the freeze exempting businesses with less than 10 employees from new regulations will now be extended to include businesses with up to 50 staff. And what’s more, it will be extended right through to 2014.

Michael Fallon commented; “We all want faster growth. As Britain recovers, small businesses are lending the generation of ideas, the creation of new jobs and the shift towards a balanced economy. We cannot afford to hold them back with more rules and regulations.”

“On my watch, new regulations will now only extend to small businesses if they are essential, justified, and where disproportionate burdens are fully mitigated. And where regulation is not fit for purpose it will be reformed or binned.”

The current Micro-Business Moratorium, introduced following the 2011 Budget, which the new Small and Micro Business Assessment builds upon. New proposals for business regulation will be put under close scrutiny and if at any stage they’re thought to put too much strain upon small businesses then exemptions will be discussed to mitigate any negative effects.

This is good news for small businesses as red tape is often cited as one key reason holding back many from growth. With the lack of bank lending being another key issue the government is addressing, this is another step in the right direction. As the burden of regulations quite often falls most heavily upon the smallest of businesses this extra protection could help more businesses on the path to growth.

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