10-year initiative

Smaller businesses targeted to provide extra help

The Department for Business, Enterprise and Regulatory Reform will target smaller businesses to provide extra help in a 10-year initiative to make the UK “the most enterprising economy in the world.” The package of measures include a £60 million boost to the small firms loan guarantee scheme, designed to give small companies better access to finance amid the credit crunch.

There will be two reviews launched. One will focus on the barriers small companies face when they are competing for government work. The department wants smaller businesses to be able to win 30 per cent of government procurement and to be able to compete effectively against bigger counterparts. The second review will determine how small business can more easily comply with regulation and employment law.
The department also pledged to look at putting a limit on the cost of new regulation in a certain period which it said would be a world first. Such a move would give small business more certainty over costs.

In addition, a drive to increase the numbers of women in small business with see a £12.5 million injection into a capital fund investing in women-led businesses.

Levels and bases of, and reliefs from, taxation are subject to change.

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