UK small businesses set to benefit from new Enterprise Act
Act has now become law and will introduce a small business commissioner to tackle late payments and cut red tape by £10bn
Small Businesses will now benefit from the introduction of the Enterprise Act with the bill now having received Royal Assent and become law.
The Act includes measures such as introducing a small business commissioner to help smaller companies resolve late payment disputes, extending the Primary Authority scheme to make tailored business advice more accessible from local authorities, and to reduce red tape by £10bn over the next five years.
The Act will also establish an Institute for Apprenticeships to make sure apprenticeships meet the needs of business.
The bill is also expected to support businesses through the extension and simplification of Primary Authority; allowing businesses to find advice on regulation from a single local council. This advice must be respected by other councils, which reduces the time and cost of companies obeying conflicting rules.