Labours new Business Secretary Peter Mandelson has put all other issues and future legislation on hold and issued a brief to his department to focus on helping the survival of small business through the financial crisis.
The postponement of new legislation, that may further burden small business with more red tape, job cuts, reduced investment or bankruptcy, has been ordered by Mandelson in an attempt to ensure that the UK’s small businesses emerge from the crisis unscathed.
Mandelson has already committed himself to getting tough with the UK banks who have been instructed to treat small businesses fairly and restore lending to 2007 levels without ridiculous bank charges and setting up fees.
Government departments and local authorities are also being urged to settle accounts with small businesses within ten days of invoice.
Mandelson is said to have called on his department “to be completely focused on getting UK business through the present economic downturn and emerging stronger on the other side”.
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