Enterprise Bill vow to slash red tape and tackle late payments
- Credit: Sonya Duncan
The government has pledged to cut £10bn worth of red tape over the next five years in a far-reaching plan to boost business.
The Enterprise Bill aims to stoke up competitiveness and help firms hire more staff by taking a hatchet to unnecessary regulation.
It includes a promise from ministers to shore up the business rates system and a new small business conciliation service to resolve disputes over late payments.
The bill will also demand industry regulators become more transparent and a cap will be locked in place on redundancy pay for high-earning public sector workers, bringing to an end six-figure pay-offs.
It comes as new research underscored the financial challenges facing some of the region's firms when it comes to being paid on time.
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Data shows that 26pc of invoices are paid after the agreed 60 days to small and medium-sized businesses in Norwich, according Hitachi Capital Invoice Finance.
Richard Bridgman, pictured, chairman of Thetford-based engineering company Warren Services, said late payments had reduced since the recession, but he questioned whether the government's measures went far enough.
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He said:'I think that
the government should
set a maximum of 60
days as a norm; nobody should be paying after 60 days.'
He warned that some companies were uneasy speaking out about late payments through fear that they could lose business in the future if their clients came under fire.
But he welcomed the government's plan to slash red tape – and said the environment for doing business had improved in the past five years.
He added: 'You can see there's a climate where more small businesses are starting up – unless the climate is right they simply can't do that.'