Small Business Act becomes law
14 May 2015
A range of measures aimed at supporting small businesses have become law after the Small Business, Enterprise and Employment Act gained royal assent.
The act is designed to help small businesses by improving access to finance, combating late payment and reducing regulatory burdens.
It is hoped that the measures will encourage businesses to innovate and create jobs, as well as build an environment that fosters the growth of start-ups and small businesses.
Measures in the Small Business Act include:
- improving access to finance by increasing business loans and sources of investment
- introducing new reporting requirements for large companies to combat unfair payment practices
- launching frequent reviews of regulation with a view to reduce unnecessary red tape
- ending ‘exclusivity clauses’ in zero hours contracts which stop individuals from working for more than one employer.
John Allan, national chairman of the Federation of Small Businesses, called the act a “landmark moment”:
“For the first time, an important piece of legislation has been devoted to small businesses. This underlines the huge economic contribution small firms make to the UK economy and recognises their distinct needs.”
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