Welsh Liberal Democrat MP for Ceredigion, Mark Williams, has raised the importance of small businesses to Ceredigion’s economy, in welcoming the announcements in the Queens Speech which will protect the interests of small businesses – such as the Small Businesses Bill and the National Insurance Contributions Bill.
The Small Businesses Bill will seek to undertaken measures such as faster company registration, improvements to public sector payment, and measures to support business cash flow such as action on late-payment terms for smaller suppliers and increased scrutiny of unnecessary regulation. The National Insurance Contributions Bill will simplify the collection of NICs for the self-employed, who currently have to navigate two different processes for two separate classes of National Insurance Contributions.
These proposals been welcomed by organisations such as the British Chambers of Commerce and the Federation of Small Businesses, who have said these moves from the Government reflects the growing recognition of the role small businesses have to play in driving forward the economy.
Commenting following the debate, Mark Williams said;
‘In Ceredigion, our economy relies so heavily on the small and medium-sized enterprise work force. It is those who work as part of the 600 family farms and the one and two-man bands running small businesses right across the piece that will benefit from the provisions in the Queen’s Speech such as the Small Business Bill and in particular the remedial proposals for prompt payment and late payment.
‘There will also be reforms in the National Insurance Contributions Bill which seek to simplify national insurance for self-employed people whilst also protecting public revenues by tackling avoidance. This will also be beneficial to Ceredigion’s small businesses.’