Sajid Javid announces plans to cut red tape by £10 billion in first speech as business secretary

Independent regulators will be targeted

Sajid Javid made his first speech as business secretary in Bristol (PA)

Sajid Javid will announce plans to cut red tape by £10 billion over the next five years in his first speech as business secretary in Bristol.

The plans will include cutting back the reach of independent regulators to free up small businesses.

"As part of our long-term economic plan, we will sweep away burdensome red tape, get heavy handed regulators off firms’ backs and create a Small Business Conciliation Service to help resolve disputes," Javid will say.

Evidence shows small firms are owed as much as £32 billion in late payments but often do not know how to go about a dispute. The Small Business Conciliation Service is to help tackle these issues.

The plans are part of an Enterprise Bill that hopes to encourage job creation in the small business sector. Anna Soubry, business minister, said the department of Business, Innovation and Skills would be enlisting the help of small businesses to help them identify burdens at home and in Europe.

A recent survey showed that small business owners are most concerned about stability under the Conservatives, especially with the threat of a referendum over the UK’s membership of the EU on the horizon.