Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether he has made a recent assessment of the potential impact of statutory and compliance costs on (a) small and (b) micro businesses.

The Government recognises that too many small businesses have been held back from achieving growth and reaching their full potential in recent years. That is why we published our Plan for Small and Medium-Sized Businesses. The Plan contains over 200 targeted actions which will make a real difference to the day-to-day trading operations of small businesses, supporting them to grow and reduce costs. This includes reducing regulatory admin costs by 25%, tackling late payments, modernising the tax and customs system and launching a new Business Growth Service, all of which will save businesses time and money.