Cable reassesses Labour legislation
By politics.co.uk staff
New regulations passed by the Labour government will be reassessed by the coalition, Vine Cable announced today.
In his first major speech as business secretary, Dr Cable laid out plans for a general reduction in business regulation and tough new plans to get banks lending to small and medium sized businesses.
“I will redouble our efforts to ensure that bank lending agreements from banks that have benefited from taxpayer subsidy are being honoured – especially for SMEs [small and medium-sized enterprises],” he said.
Dr Cable said £19 billion could be saved by cancelling some upcoming regulation.
Parts of the Equalities Act, the agency workers’ directive and transferable parental leave are included in the list.
But Dr Cable stressed the importance of cutting regulation to small and medium sized businesses, saying that big business welcomed regulation because it had the resources for it. It also hindered the progress of smaller competitors, he added.
In line with Mr Cameron’s business speech last Friday, the government will be operating under a ‘one-in-one-out’ regulation scheme, where any minister calling for new regulation must first find one that can be scrapped.
Dr Cable was at pains to relax City jitters about his radicalism, telling the audience: “I sometimes find myself described in the unfriendly press as some kind of socialist. They should refer back to the Orange Book I co-authored with David Laws six years ago.
“I am a liberal. I am a free trader. I believe in open markets. Anyone who doubts the clarity and consistency of my views should look up my writing on trade policy from the 70s, attacking protectionism.”
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