HC Deb 08 July 2003 vol 408 c747W
Mr. Hoyle

To ask the Secretary of State for Trade and Industry what steps she is taking to reduce the regulatory burden of small and medium-sized businesses. [124461]

Nigel Griffiths

The Economist Intelligence Unit (E.I.U) studied the business environment, including regulation, in 60 countries. The Unit found that the Netherlands, the USA and Britain take the top three places.

Among the measures that help us keep the UK ahead of other countries are:

Extended the flat rate VAT scheme, to relieve red tape burdens on 700,000 SMEs who have had their paperwork and compliance costs cut by up to £1,000 a year, removed automatic late payment penalties for VAT, reduced the corporation tax starting rate from 10 per cent. zero so that 150,000 companies will no longer pay and tax, cut the small companies rate from 20 per cent. to 19 per cent., benefiting over 335,000 companies.

Removed the statutory audit requirement for all companies with a turnover up to £1 million benefiting up to 150,000 small companies since July 2000 with potential savings of up to £180 million a year.

Back to