British business could save at least £10 billion because the Queen’s Speech outlined plans for a bill to cut red tape.
Independent regulators, who are charged with making sure that this target is achieved, will monitor the plans. In addition to this, the bill has proposed a new Small Business Conciliation Service, which will help settle disputes between small and large businesses. This will help solve the concerns over late payment, which is particularly a concern of small businesses. The service will handle disputes without the need for court action.
Ahead of a revaluation which is due in 2017, there ill be a reform of the current system where businesses can appeal against business rates and this is intended to simplify the process. The government stated that it intends to take action to strengthen UK competitiveness and to back businesses to create jobs. It intends to make the £10 billion cuts by the end of this parliament.