Lord Young Succeeds Lord Sugar as Government’s Small Business Advisor
Lord Young has been tasked with cutting government red tape to help SMEs grow
Lord Sugar was removed from the post by the Prime Minister when the coalition government took office in May.
The former Cabinet minister Lord Young will now be advising the government on all aspects of small business management – particularly strategies designed to encourage new start-ups – and will continue his role as the Prime Minister’s main advisor on health and safety.
According to the BBC, the Prime Minister has said that he wants “nothing less than a wholesale change in attitude” from government towards small business.
Lord Young will be carrying out a review of enterprise policy with the aim of improving strategies for new businesses seeking finance, encouraging new start-ups, streamlining cost procedures, and giving businesses a voice when new government policies are proposed.
With SMEs making up 60% of the UK’s jobs and accounting for half of the UK’s economic output, the government believes that growth in the small and medium business sector is vital for economic recovery.
The Prime Minister has declared that Lord Young will lead a “brutally honest” review of red tape affecting UK businesses, adding that he will be “working to identify what we need to do to help small businesses grow.”
Lord Young commented that he will be focusing on “barriers” that are preventing small business development, and will advise the government on “what can be done to make life easier for businesses to start and grow.”
Related articles: Will Lord Sugar take the sweet with the sour?