Small Business, Enterprise and Employment Bill

Barry Sheerman Excerpts

Wednesday 16th July 2014 Commons Chamber

[Vince Cable]

I am coming on to that matter in detail. I do not know whether the hon. Gentleman will be happy to wait until we get to that section.

Secondly, I want to ensure that our companies are trusted and transparent, so that they cannot conceal ownership or control and that they engage in good corporate behaviour. Thirdly, I want to help our small businesses get access to the finance they need to grow and export, compete in public sector procurement and address some of the issues around late payment. Fourthly, I want to support the Government's regulatory reform agenda, ensuring that ineffective, out-of-date and burdensome regulation does not hold back our businesses. Those are the four basic themes of the Bill.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

There is so much in this Bill that many of us interested in small business welcome. However, there is an undercurrent of people saying, “Has it got enough teeth?” What is the right hon. Gentleman’s response to that allegation, which is being heard from all parts of the House?

[Vince Cable]

Many provisions that we will discuss are about enforcement, which in everyday language is what we mean by having teeth. When we get to the relevant sections, the hon. Gentleman will see that much of this Bill is about tough enforcement of regulation, not simply about creating rules for their own sake.

Let me just deal with the issues around employment. I think we saw today some of the remarkable and positive developments that are taking place in the labour market. We now have unemployment down to 6.5%, which is one of the lowest rates in the developed world. More than a million jobs were created in the past year, which is a record. That is an extremely positive outcome of the recovery, which is now clear and well-established.