Chancellor John Healey has said he wants to slash regulations and "back business in Britain making a profit" ahead of his first Budget next week.
Speaking to The Times, Healey pledged that his Budget will be for Britain's “bloody minded entrepreneurs” and will focus on cutting the "cost of business" as well as bringing down the cost of living.
The Chancellor vowed to use his first Budget to mend the relationship between Labour and business.
After changes in employment law, national insurance contributions, taxes, regulations and global supply chain strains, Healey accepted that businesses had been put under "as lot of pressure" in recent years.
But during a visit to Aberdeenshire, Healey told The Times: “I want to be a chancellor who backs business in Britain making a profit, and those entrepreneurs who, in the end, are the ones who challenge the status quo, come up with innovative ideas and are trying, some of them through sheer bloody-mindedness, to keep going through these sorts of pressures.”
Healey is reportedly set to made significant changes to regulation on businesses andremove reporting requirements for smaller firms.