BusinessCompany NewsTories promise to cut SME red tape

Tories promise to cut SME red tape

Shadow trade and industry secretary Tim Yeo has pledged to cut red tape on small and medium businesses.

Link: Red tape robs staff of six hours a week

He said that more businesses failed in 2002 than in any year since 1994.

Yeo pledged that a Tory government would slash away the unnecessary rules and regulations brought in by Labour which hamstrung cutting-edge companies.

He told he Tory conference in Blackpool: ‘Under Labour Britain has become the worst place to do business.

‘In four years small business failures have trebled. More businesses went bust in 2002 than in nay years since 1994. Company profits have fallen to their lowest level since 1993. Unlike Labour we’ll make Britain a better place to do business.

‘We’ll cut regulation, which the Institute of Directors says costs Britain £6bn a year. We’ll halt the rise in business taxes.’

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