The FSB said that the combination of a new department focussing more on regulatory reform and a new minister with experience at the Treasury is an opportunity for small business issues to be given more prominence.

The UK’s biggest business organisation is pleased to see that the status of the role as a minister of state has been maintained.

John Walker, FSB National Policy Chairman, said:

“If the new department does what it says on the tin in terms of regulation, then small businesses and the UK economy as a whole will benefit greatly.

“We hope that Stephen Timms’ experience at the Treasury will have given him some understanding of the dismay felt by small companies following the unexpected and unwelcome tax rise imposed upon them in the last Budget.

“We look forward to working with him to improve the regulatory environment for small businesses and highlight their concerns across government.”