Welsh Liberal Democrat MP for Cardiff Central, Jenny Willott, has welcomed the announcements in the Queens Speech to support small businesses – including the Small Businesses Bill and the National Insurance Contributions Bill.
The Small Businesses Bill will seek to undertake measures such as faster company registration, improvements to public sector payment, and measures to support business cash flow such as action on late-payment terms for smaller suppliers and increased scrutiny of unnecessary regulation.
The National Insurance Contributions Bill will simplify the collection of NICs for the self-employed, who currently have to navigate two different processes for two separate classes of National Insurance Contributions.
These proposals have been welcomed by organisations such as the British Chambers of Commerce and the Federation of Small Businesses, who have said these moves from the Government reflect the growing recognition of the role small businesses have to play in driving forward the economy.
Commenting Jenny Willott said:
“Our economy in Cardiff is hugely reliant on the small and medium-sized enterprise work force, so I’m really pleased that the Coalition Government is introducing these significant measures to make life easier for smaller businesses. In particular the proposals to encourage prompt payment will benefit SMEs, which are often very seriously challenged by cash-flow problems as a result of late payments.
“There will also be reforms in the National Insurance Contributions Bill which will simplify national insurance for self-employed people, whilst also protecting public money by tackling avoidance.”
