Partner Article

Cable outlines small business help

Business Secretary Vince Cable was at the FSB today, setting out the Government’s plans to help SMEs and boost business investment, and cut red tape.

Dr Cable outlined the £125m Advanced Manufacturing Supply Chain Initiative, which will open for applications from March 29, and the new “Focus on Enforcement” campaign to identify where inappropriate or excessive enforcement of regulation is holding companies back.

He said: “This Government has an absolute commitment to clearing away the barriers that act as a brake on growth for British SMEs.

“That is why, for example, we are not just reviewing whether there is still a case for each regulation, but now we are going to tackle how regulations are actually enforced as well.

“That commitment to lighten the load lies at the heart of our strategy for achieving economic transformation and recovery.

“In addition the Advanced Manufacturing Supply Chain Initiative will help build manufacturing capacity and ensure that more of the necessary components can be sourced in this country.

“We will support projects that deliver economic growth, greater competitiveness and safeguard or generate jobs.

“We will also increase the supply of capital through non-bank lending channels via our £100m SME focused Business Finance Partnership, targeting finance channels other than loan funds.”

The Advanced Manufacturing Supply Chain Initiative is to be run by Birmingham City Council and will provide grants and loans to successful projects demonstrating ambition to develop competitive supply chains.

Funding can support a combination of investment in capital equipment, associated R&D, and training and skills in recognition of the flexibility needed to overcome the barriers that suppliers and supply chains can face.

Dr Cable also launched the Focus on Enforcement campaign, which asks businesses where improvements can be made, and what is working well.

Government will select the best ideas and look to improve the experience of regulatory enforcement in those business areas.

He added: “The Government knows that ill thought-out regulations cost businesses time and money – which is why it devised the Red Tape Challenge.

“But sometimes the regulations are fine, it is inconsistent, inappropriate or overlapping enforcement that is the problem.

“Focus on Enforcement gives all businesses, but especially smaller and medium sized firms that often feel the disproportionate weight of inspection and compliance, the chance to make a real difference to the way regulators visit, inspect and advise business and enforce the law.”

This was posted in Bdaily's Members' News section by Tom Keighley .