Gov announces SME regulatory taskforce: “This work is long overdue, and this taskforce will ultimately be judged on how quickly its recommendations become reality.”
This week, the government has announced the launch of a new “Small business regulatory taskforce” – a joint government‑industry group aimed at developing practical recommendations to reduce regulatory burdens on small and medium‑sized enterprises (SMEs) and micro-businesses.
In response to this, Ylva Oertengren, COO at Simply Asset Finance argues that this work is long overdue, and said: “At a time when businesses need action it’s easy to be sceptical about another working group being convened. SMEs have long been speaking up about the barriers they face – what matters now is delivery. This work is long overdue, and this taskforce will ultimately be judged on how quickly its recommendations become reality.
“There’s no doubt we need regulation, but the real issue at the center of this is that not all of it currently works for smaller firms. With larger organisations often used as the mould for business regulation, small businesses can often feel like they’re trying to fit into a system that was never designed for them in the first place. This doesn’t mean we need new regulation, but rather a more proportionate look at the playbook for businesses of all sizes.
“If the government is really serious about this taskforce, the real test will also be whether it looks at the bigger picture. Because the country’s growth starters can only move as fast as the ecosystem around them, including the lenders backing their ambitions.”