THE UK must cut red tape for small businesses to help transform the UK’s economy, a group of Tory MPs will say in a paper released today.
Seven MPs have voiced a raft of ideas on how Britain can get its economy back on track including fairer taxes, a reduced regulatory burden, and the creation of a dedicated Ministry of Infrastructure.
The so-called Free Enterprise Group suggests that “micro” businesses – those with three or fewer employees and less than £75,000 annual turnover – should be exempt from employment regulation.
They also call for the Treasury to focus more on the supply-side, implying that lower taxes might be supported.
Member Kwasi Kwarteng MP said: “We need to take bold decisions to create jobs and growth and restore credibility to the UK’s financial sector. It’s time for the government to stop hindering businesses and to create the space to allow entrepreneurs to thrive.”