'Cap on regulation' mooted amongst enterprise plans

Plans to support small businesses and entrepreneurs in the UK have been outlined by the government.

The 10-year Enterprise Strategy, published alongside the Budget, outlines a number measures designed to "make the UK the best for business growth".

Proposals include a consultation on introducing 'regulatory budgets' for government departments, which could set a cap on the costs of regulation imposed in a given period.

There will also be an extension of the Small Firms Loan Guarantee and a new capital fund investing in businesses led by women. The government will also look into whether 30% of public sector contracts could go to small businesses in the future.

In addition, a National Enterprise Academy targeting 16- to 19-year-olds will be established, in partnership with entrepreneur Peter Jones.

Sally Low, director of policy and external affairs at the British Chambers of Commerce, said that the strategy contained "many encouraging initiatives".

"We will work with the government to ensure that [its] proposals are turned into real benefits for our members," she said.

On the prospect of a 'cap' on the cost of regulation, a spokesperson for the Federation of Small Businesses told More Than Business News: "If that actually happened, small businesses up and down the land would rejoice."

"However, the government has been talking about reducing regulation for a long time."