Liz Truss has announced that she will cut more EU red tape to allow British businesses to thrive and benefit from Brexit freedoms. <\/p>\n\n\n\n
The Prime Minister and her Business Secretary, Jacob Rees-Mogg, have announced plans to redefine the term “small business,” releasing 40,000 businesses from onerous paperwork requirements.<\/p>\n\n\n\n
The change is only possible because Britain has left the EU’s control, and any company with fewer than 500 employees can now be classified as a small business.<\/p>\n\n\n\n
Previously, the definition applied to companies with 50 to 249 employees, and it set a low bar, discouraging companies from expanding and creating more jobs.<\/p>\n\n\n\n
The announcement follows last week’s mini-budget, which launched a new growth strategy to increase the British economy’s annual growth rate to at least 2.5 per cent.<\/p>\n\n\n\n
Ms Truss has pledged to “get Britain moving,” the slogan of this year’s party conference in Birmingham, and to put an end to years of Brussel-led stagnation and unnecessary regulation.<\/p>\n\n\n\n
She said: \u201cBy raising the definition of a small business, in terms of regulation, from 250 to 500 employees, we will be releasing 40,000 more businesses from red tape.<\/p>\n\n\n\n
\u201cThat will make it easier for them to get on with their business, in turn boosting our economy and creating more jobs to help get Britain moving.<\/p>\n\n\n\n
\u201cHigher economic growth means higher wages, better jobs, and more funding for our public services and NHS”.<\/p>\n\n\n\n
The rule change takes effect today and was one of the major issues identified by Mr Rees-Mogg while serving as Brexit Opportunities minister in Boris Johnson’s government.<\/p>\n\n\n\n
The exemption will be applied in a proportionate manner to protect workers’ rights and other standards while easing the burden on growing businesses.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Liz Truss has announced that she will cut more EU red tape to allow British businesses to thrive and benefit from Brexit freedoms. The Prime Minister and her Business Secretary, … <\/p>\n