More than half of small business owners want the new Conservative government to prioritise reducing regulation, a survey by the Federation of Small Businesses (FSB) has revealed.
The poll of more than 2,300 FSB members found that 53% believe that regulation is the biggest issue to tackle in the next five years.
The top five issues identified by small businesses are:
- reduction of red tape (53%)
- simplification of the tax system (51%)
Financial assets such as pensions and shares are driving a rise in household wealth, research by Lloyds Bank has suggested.
Based on data from the Office for National Statistics, the study found that total household wealth increased by £1.5 trillion during 2014 to reach £9.1 trillion.
Household financial assets accounted for much of the growth, increasing in value by £996 billion. House prices also contributed to the overall growth, rising by £452 billion in 2014.
The Prompt Payment Code is a government initiative administered by the Charted Institute of Credit Management. It is designed to encourage, promote and set an example of best practice between organisations and their suppliers. Companies that sign up for it undertake to:
- pay suppliers on time
- give clear guidance to suppliers
- encourage good practice
