The government has published a new Enterprise Bill that it hopes will provide businesses with an environment to drive growth and create jobs in the economy.
The bill focuses on a range of issues affecting businesses such as late payments, ensuring high quality apprenticeships and making further cuts to regulation.
Among the measures featured in the bill:
- a clamp down on the late payment of insurance claims to close the gap that currently means there is no requirement for insurers to pay undisputed claims in a certain time period
- an update to the Industrial Development Act that gives the government new powers to fund broadband projects
- the setting up of a small business commissioner to help small firms handle late payment disputes against larger businesses
- the £10 billion business deregulation plan will be extended to include regulators.
Business Secretary Sajid Javid said:
“The government is committed to making sure the UK continues to be the best place in Europe to do business. The Enterprise Bill will help do just that with measures to cut red tape, protect high-quality apprenticeships and deal with unfair payment practices hitting small firms.”
Matthew Fell, director of competitive markets at the Confederation of British Industry, said:
“Pruning unnecessary red tape will give firms bursting with potential – especially small and medium-sized ones – the space to grow and thrive. Expanding tailored business advice from local authorities and involving regulators more closely in the better regulation process are good signs of an ambitious plan.
“Late payment remains a key concern for small businesses and the new small business commissioner must play a role in driving culture change throughout the business community. Resolving disputes quickly before they damage commercial relationships should be the main focus of the body.”