The Prime Minister has announced a number of measures to support SMEs and entrepreneurs on a visit to a local business in Maidenhead.
The Prime Minister has announced measures to boost business on a visit to local business Intuit UK in Maidenhead, where he spoke to a number of small business representatives and entrepreneurs.
At the event the Prime Minister, David Cameron, announced that:
- to tackle the compensation culture and address the fear from businesses of being sued for trivial or excessive claims – the Government will extend the current scheme that caps the amount that lawyers can earn from small value personal injury claims, and reduce overall costs in cases funded by ‘no win no fee’ deals. This will help bring down the cost of many cases and deter the speculative health and safety claims made against good businesses that would appear not to have done anything wrong;
- the health and safety law on strict liability for civil claims will be changed so that businesses are no longer automatically at fault if something goes wrong;
- the Government will investigate the demands made by insurance companies on businesses to ensure that levels of compliance do not force businesses to go far beyond what is actually required by the law to secure their insurance cover; and
- the Government will write to the Chief Executives of all major insurance companies, asking them to set out what they will do to deal with this problem – and they will be invited to a meeting at Downing Street in February to set out their plans.
The Prime Minister also announced that in February, the Government will ask organisations to bid to manage the £1 billion of Government funding available through the Business Finance Partnership. This fund will help businesses access the finance they need to grow.
David Cameron, said: “I am determined that we do everything possible to take the brakes off business: cutting taxes; slashing red tape; putting billions into big infrastructure projects; making it much easier for British firms to get out there and trade with the world.”
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