Small Businesses Non-financial Reporting Requirements 2024-05-02
2024-05-02
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
The MP notes that non-financial reporting requirements can be burdensome for small and medium-sized enterprises. He references the need for companies to focus on growth rather than administrative tasks.
What steps her Department is taking to reduce non-financial reporting requirements for small businesses?
We have raised the monetary thresholds that determine company size, reclassifying around 13,000 medium-sized companies as small and 100,000 small companies as micro-companies. This will save approximately £145 million annually for these businesses.
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Assessment & feedback
Response accuracy
Q2
Direct Answer
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Context
The MP emphasizes the importance of reducing bureaucratic burdens on small businesses to allow them to focus more on growth. He highlights government initiatives already in place but seeks further details.
I visit many small businesses in my Aylesbury constituency, and I am always incredibly impressed by their spirit of entrepreneurship and the huge effort and hard work that they put in to succeed. They want to be able to devote as much of their skill and time as possible to finding new customers, selling more of their products and creating jobs, not to bureaucracy, admin and onerous regulation.
We have made progress by offering access to finance through Start-Up Loans Company, growth guarantee scheme, equity investment schemes, seed enterprise investment scheme, and enterprise investment scheme. We also provide supportive advice through our Help to Grow management suite, including a newly launched “Help to Grow: Management Essentials” course for small businesses.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The MP references a report from the British Poultry Council stating that UK exporters face £55 million in extra costs annually due to unreciprocated EU border checks. He argues that this is unfair and undermines UK businesses.
Alongside the despair and financial pressures faced by small businesses, the British Poultry Council recently reported that unreciprocated EU border checks have unfairly saddled UK exporters with £55 million a year in extra costs, while their EU counterparts pay absolutely nothing. Does the Minister agree that this Government's failure to negotiate a fair sanitary and phytosanitary agreement with the EU has directly undermined British businesses and exposed our exporters to severe competitive disadvantages?
We aim for a fair playing field but require necessary border checks. We do not support dynamic alignment with EU rules as it would lock us into permanent adherence, which we oppose.
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Assessment & feedback
The specific question about the impact of unreciprocated EU border checks on UK exporters was not directly addressed
Dynamic Alignment With Eu Rules
Opposing Customs Union And Single Market
Response accuracy