Lord Young takes over the post, held under the previous Labour government by the BBC Apprentice star Lord Sugar, who was removed from the position when the coalition government took over in May.
Last month, the Forum of Private Business lobbied the government to review a raft of health and safety laws and excessive bureaucratic processes which it views as stifling entrepreneurs and small businesses, threatening future economic growth and private sector employment.
The research conducted by the Forum of Private Business and released last month ahead of the Comprehensive Spending Review suggested that reducing regulatory waste could help government efforts to reduce the budget deficit and remove some of the annual £12 billion per year that it estimates it costs small businesses to comply with unnecessary or excessive laws. Prime Minister David Cameron has already insisted that “slashing red tape” will be central to freeing the UK’s small business “wealth creators”.
With small and medium businesses expected to absorb up to 500,000 public sector jobs cuts announced in the October spending review, Mr Cameron has reiterated his commitment to cutting red tape and creating jobs. The Prime Minister is expected to unveil further changes in employment law later this week as he lifts the burden on small and medium-sized businesses that provide over 60% of the UK’s jobs.
Announcing the appointment of Lord Young to the post he described how he brings "his own passion for business and a wealth of experience to the role".
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