Prime Minister David Cameron says the National Insurance Contributions Bill, a plan to hand a £2,000 national insurance cut to businesses and begin consultations on cutting slow payment of invoices, would save 1.25 million businesses £2,000 per year.
He added that it would mean 450,000 businesses will have their national insurance bills eliminated entirely.
An ambitious and thriving small business sector is vital for steering the economic recovery in the right direction and helping us to succeed in the global race.
We are determined to do everything we can to ensure that our small firms can be successful and prosperous and people can fulfil their aspirations.
Last week, we helped people get on the housing ladder and own shares. This week, we're helping small businesses start and expand. This Government is 100% backing people who work hard and want to get on in life and we're going to finish the job we started.
The consultation on late payment will review whether the Prompt Payment Code can be strengthened, consider whether new legislation or penalties are needed, and look at what can be done to increase transparency.