Over the next five years, Javid will lead the Department of Business, Innovation and Skills (BIS) as it tries to cut red tape for business by £10bn, as set out in his new Enterprise Bill today.
Speaking in Bristol – the city he grew up in – Javid said the Enterprise Bill would help SMEs.
“Small businesses are Britain’s engine room and the success of our whole economy is built on the hard work and determination of the people who run and work for them,” Javid said.
“As business secretary I will always back them and, in my determination to get the job done, one of my first steps will be to bring forward an enterprise bill that helps them to succeed and create jobs.”
One of the Bill’s central measures would see the creation of a small business conciliation service to help tackle the issue of disputes and late payments between small and big firms. Current estimates suggest that UK SMEs are owed over £32bn in late payments.
Looking beyond Whitehall, independent regulators will also be expected to bear the brunt of some of the £10bn cuts laid out in the bill.
The new legislation will also outline a simplification and extension of primary authority. This will allow businesses to take regulatory advice from one local council, which must be respected by all other councils.
Javid was joined by small business minister Anna Soubry who said the “no nonsense Bill” would assist businesses throughout the UK.
“This will be a no nonsense Bill to back small businesses and help create jobs, giving financial security and economic peace of mind to hardworking people across the country,” Soubry said.
“We will be asking businesses for evidence in the coming weeks and months. We want them to be our partners in identifying and scrapping needless burdens at home and in Europe.
“It’s important government gets behind small businesses – enabling them to get finance, get paid on time and get rid of red tape.”