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Small businesses to benefit from Enterprise Act

Small Businesses to benefit from Enterprise Act

UK SMEs will soon feel the full benefit of the recent introduction of The Enterprise Act.

Announced as a bill by business secretary, Sajid Javid, last year, the proposals have now received Royal Assent and became law on 4th May.

The Act promises to alleviate may of the burdens on the UK’s business community, including reducing red tape, clamping down on late payments and addressing the current failings in the apprenticeship system.

The Enterprise Act will carry out the following initiatives:

  • Appoint a Small Business Commissioner who will help small businesses tackle crippling issues including late payment.
  • Cut the cut the current administrative burden on SMEs by £10 billion and foster transparency through annual financial reporting.

  • Develop the Primary Authority Scheme to streamline small-business access to comprehensive advice from local authorities.

  • Set up an independent, employer-led ‘Institute for Apprenticeships’ in order to better match apprenticeships with businesses as well as introducing regional targets for apprenticeship numbers.

  • Create a legislation that will ensure insurers settle claims made by businesses within a reasonable time-frame.

  • Reform the business rates appeal system.

  • Introduce a shop-worker’s right to opt out of Sunday working.

  • Encourage private capital into the Green Investment Bank.

  • Create a Statutory Pubs Code and independent Adjudicator which will address the imbalance in bargaining power between large pub owning companies and their tenants.

  • Cap exit payments in the public sector to £95,000.

  • Permit the government to add funds to the UK Government Investments Ltd.

  • Extend the reach of telecommunications and broadband by updating the Industrial Development Act

Whilst some provisions of the Enterprise Act will start automatically, others will require further regulations.

Business Minister Anna Soubry said:

‘Together these measures will give a big boost to British enterprise. The Small Business Commissioner will help tackle the scandal of late payment – one of the leading issues for smaller firms. While the positive steps to reduce the burden of regulation and give more young people the opportunity to do an apprenticeship will benefit millions of businesses across the country.’

Nicky Tatley

About the author

Nicky contributes articles to all titles in the Dynamis stable, primarily, and and is a regular contributor to other business publications including Talk Business, and NuWire Investor.


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