Businesses: Start-ups

Earl of Erroll Excerpts

Monday 20th November 2017 Lords Chamber

[Lord Henley]

The noble Lord asked quite a number of questions and I will restrict my answers to two. He is right to express concern about productivity. This is something that we will want to address, and I hope that he will be ready for the Statement on the industrial strategy that I hope will come out later this month. He also expressed concern about companies progressing from small to medium and medium to large. That is why we made an announcement in last year’s Autumn Statement about patient capital and why we announced a review into it. We are waiting to respond to that in due course.

[The Earl of Erroll (CB)]

Given the last question, will the Minister look at a lighter touch, particularly in employment law? A lot of this is very onerous for small businesses and, if certain things happen, they can easily get bankrupted. Small businesses need a lot more flexibility in the laws as they apply to them. Until you employ a lot of people, you cannot handle some of the provisions around employment law, and I think that the Government should look at that closely.

[Lord Henley]

The noble Earl is right to express concerns about the regulation that faces business, particularly small businesses. We obviously want to reduce the regulatory burdens on businesses wherever possible and wherever it is right to do so, and we will certainly continue the work that we have done in this field.