NORTH-EAST small business leaders have welcomed Parliamentary pledges to overhaul regulations they say are barriers to companies’ growth.

The Federation of Small Businesses (FSB) hailed cross-party vows to tackle business rates and late payments.

Chancellor George Osborne, Deputy Prime Minister Nick Clegg and Labour leader Ed Miliband all made promises at the FSB’s annual conference yesterday (Friday, March 20).

Mr Osborne thanked bosses for their support, said he would look at business rates, and received applause when he referred to changes made to employment tribunals, which mean claimants have to make a contribution to have their case heard.

Mr Miliband was also praised after raising the issue of late payments, which he described as a national scandal, and the practice of large firms asking smaller companies to pay a retainer to stay on their supplier list.

John Allan, FSB national chairman, said: “The main parties were all received well by our members and it was right they recognised the contribution small businesses make to the UK economy.

“Our broken business rates system was a key theme across the day; it is not fair and acts as a brake on investment and growth.

“Mr Osborne, Mr Clegg and Mr Miliband all committed themselves to overhauling this deeply unfair tax on businesses in the next Parliament.

“This is something our members will be happy to see cross party consensus on.

“Many of our members are directly affected by poor payment practices, so we were pleased to see a future Labour Government committing to taking further action to stop these practices, including supply chain bullying, though further regulation if necessary.”

Speaking at the conference, Mr Osborne hailed FSB members’ backing.

He added: “You stuck with the Government and were able to see off those who always want to borrow to the point it’s unaffordable, so it's a heartfelt thanks to you.

“I'm deadly serious about a review of business rates.

“We will make a major change to business rates and have it in place by 2017.”

Mr Miliband also took to the stage to call for the end of smaller companies being at the mercy of larger firms’ unfair agreements.

He added: “You should be paid for the product you produce, not what the FSB has called supply chain bullying.

“It's wrong and it must end, and if it’s necessary to legislate to prevent it, we will do so.

“I know so many of you work every hour God sends for your business and you want a Government that will respect your efforts and seek to make life that little bit easier.

“That’s what the next Labour Government would seek to do.”

Mr Clegg told the conference the Liberal Democrats were are the only party capable of ensuring Britain's economic recovery would be fair for all.