Liz Truss has announced she will tear up more EU bureaucracy to allow British business to grow and enjoy Brexit freedoms. Prime Minister and Business Secretary Jacob Rees-Mogg announced that they will redefine the term “small business” by freeing 40,000 businesses from troublesome paperwork.
The move was only possible as the UK relinquished control of the EU, meaning that any company with fewer than 500 employees can now be defined as a small business.
Previously, the definition applied to those with 50 to 249 employees set a low bar to deter companies from growing and creating more jobs.
The announcement comes after last week’s mini-budget, which launched a new growth strategy aimed at growing the British economy by at least 2.5 percent a year.
Ms Truss has pledged to “move Britain”, the motto of this year’s party conference in Birmingham, and to end the Brussels-led years of stagnation and unnecessary regulation.
This is the first step in a reform package to get UK business regulations working for the UK economy.
The reforms will use their freedom to remove bureaucratic and burdensome regulations on businesses since the UK’s departure from the EU, streamline and facilitate their compliance with existing rules, ultimately saving them valuable time and money.
Mr. Rees-Mogg said: “Our enterprising midsize businesses are immersed in meaningless paperwork that prevents them from reaching their world-leading potential.
“So we reduce bureaucracy for these companies, starting with preventing unnecessary future regulation.
We are taking advantage of the freedoms the UK has enjoyed since leaving the EU, removing bureaucratic and burdensome regulations on businesses and taking steps to create a dynamic, growth-driven economy.”