PM vows to save small businesses 10,000 pounds a year

As part of a series of new packages being introduced, Prime Minister David Cameron assured his ongoing commitment to help small businesses to grow and save UK's 4.9 million small businesses up to 10,000 pounds each year.

Stating that "small businesses are the lifeblood" of the British economy, the Prime Minister revealed that the government has singled out over 3,000 rules and regulations, which are currently holding back up and coming businesses in the country, including those established in the creative industries, and will alter or eradicate them. By doing, it will save UK businesses over 850 million pounds each year.

This

will be the first government in history to lower overall domestic regulations for businesses while in office, as 800 regulations have already been dissolved or clarified. The vow is a significant step towards ensuring the future of the British economy.

 

Small businesses boost growth and create jobs

Business Secretary Vince Cable commented: "Small businesses play an important role in boosting growth and creating jobs. I regularly meet these companies across the UK to hear first hand how government can do its part to help small and medium sized businesses grow and succeed."

"We have acted on their demands by improving access to finance with the new British Business Bank which I established last year, by significantly reducing red tape and by increasing the take up of business rate relief," added Cable.

The package is part of the government's endeavors to help increase support for the growing number of small businesses across the country. Small businesses currently employ an estimated 14 million people and are making an ongoing contribution to the British economy.

Enterprise and skills minister Matthew Hancock added that: "Small businesses are the bedrock of the UK economy and I'm delighted that today at the Federation for Small Businesses' policy day, we are able to cement our commitment to help them grow."

"Small businesses are responsible for nearly half the job creation in the UK. That's why we must continue our drive to provide the support they need to scale-up, move into new markets and hire more staff so that they can compete in the global race."

The government has also introduced a series of measures for small businesses to save up to 10,000 pounds a year which includes; a 1.1 billion pound package of business relief rates with extra relief for small business, Growth Vouchers a 30 million pound programme which is set to see up to 20,000 small businesses receiving 2,000 to access specialist support, and 100 million pounds worth of broadband vouchers to aid business in establishing an online presence.

In addition to the small businesses package, the government has also been working with Enterprise Nation to launch the Business Exchange, which allows large businesses the opportunity to connect with smaller businesses to swap skills, resources and ideas to help them grow.