Business

Government plans to cut £10bn of red tape

Scissors cutting red tape Image copyright 1998 EyeWire, Inc.

The Queen's Speech has outlined plans for a bill to cut red tape, potentially saving British business at least £10bn.

For the first time, the plans will be monitored by independent regulators, who are charged with making sure the target is achieved.

The bill has also proposed a new Small Business Conciliation Service.

It will help settle disputes between small and large businesses, especially over late payment - an issue that concerns many small businesses.

The service will handle disputes without the need for court action.

There will also be a reform of the current system by which businesses appeal against business rates, which is intended to simplify the process ahead of a revaluation due in 2017.

The government says it also intends to take other steps to strengthen UK competiveness and to back businesses to create jobs.

It intends to have made the £10bn worth of cuts by the end of this Parliament.

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