THE GOVERNMENT needs to cut more red tape, small businesses have said.
Reducing the amount of bureaucracy and regulatory formalities – that can be a big burden to smaller firms – was listed as a top priority by 51 per cent of over 1500 surveyed small and medium enterprises (SMEs), according to figures released today by Lloyds Bank.
It comes despite Prime Minister David Cameron launching initiatives such as the Red Tape Challenge which claims to have saved small business £300m in a year.
That sentiment has carried through to the other side of the election, with business secretary Sajid Javid recently expressing his desire to cut red tape for business,
“Businesses have welcomed the Government’s recent commitment to cut red tape and they recognise it as a priority. However they will want reassurance that their concerns about skills, investment and exports will also be addressed,” said Tim Hinton, a director at Lloyds Bank.