By Jason Theodorou
Business Secretary of State Vince Cable will implement new regulations that are intended to help small and medium businesses to grow. Cable is expected to spearhead hard-driving plans to get banks to lend more to small and medium sized businesses, working with Chancellor George Osbourne to ensure that banks ‘do what they have been funded to do’ under the coalition government.
Cable will also establish the Cabinet committee to implement the ‘one in, one out’ rule which will see old regulations scrapped in the event of new regulation, which the coalition government hopes will release small businesses from the ‘stifling’ restraints of excessive red tape.
Cable said: “The deluge of new regulations has been choking off enterprise for too long. We must move away from the view that the only way to solve problems is to regulate. The Government has wide-ranging social and ecological goals including protecting consumers and protecting the environment. This requires increased social responsibility on the part of businesses and individuals’.
Business Minister Mark Prisk has estimated the total cost of regulations planned by the former government at over £19 billion over the next two financial years. Prisk said that removing the red tape would allow small businesses to grow.
Regulations brought in as others go ‘out’ are expected to include equal pay rights, and expanded paternity leave for fathers.
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