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New business secretary promises easier enterprise and innovation and less regulation

Business secretary Vince Cable MP has delivered his first major speech in his new role.

The speech opened with the claim that the coalition was a revolutionary government – emphasising the unknowns of the coalition.

Cable stressed he is pro-enterprise, pro-competition and pro-trade and proceeded with an overview of the work of BIS before outlining the ‘plan for growth’.

The business secretary wants to make Britain a place where enterprise and innovation is easier; regulation is reduced and proportionate.

He said he recognised all sizes and types of companies across sectors need to make up a better balanced economy – acknowledging the role of regional manufacturing. 

Cable touched on industry policy and the ‘picking winners’ debate but stressed that the government would not be interventionist, micro-manage at company level and specifically highlighted support in some areas such as environmentally friendly vehicles, but not specific types of vehicle.

The business secretary concluded remarking that BIS will look at enterprise in the widest context and the abovementioned plans are how Britain will pay its way in the world.

In the Q&A session, replacement of some RDAs with Local Enterprise Partnerships was mentioned, and Cable also made a strong statement that businesses couldn’t ask government for handouts and that there is a long list of industrial projects he inherited from the previous government that he is examining.
 

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