2015 News and Media

The Enterprise Bill 2015

Views from Toni Evans, Head of Engagement.

I read with interest Sajid Javid's first speech as Secretary of State for Business, Innovation and Skills discussing the government's commitment to the Enterprise Bill introducing new measures to support entrepreneurs and SMEs.

The government has stated within the Bill that it will cut red tape by at least £10 billion over the next 5 years, enabling British businesses to grow and create more jobs. It is claimed the bill will help make Britain the best place in Europe to start and grow a business. It is anticipated that it will help create 2 million more jobs over the next 5 years, so more people will have the security of a regular income from employment.

Mr Javid has said:

“Small businesses are Britain's engine room and the success of our whole economy is built on the hard work and determination of the people who run and work for them. As Business Secretary I will always back them and, in my determination to get the job done, one of my first steps will be to bring forward an Enterprise Bill that helps them to succeed and create jobs.

As part of our long-term economic plan, we will sweep away burdensome red tape, get heavy-handed regulators off firms' backs and create a Small Business Conciliation Service to help resolve disputes.”

Anna Soubry, Minister for Small Business, has also stated:

“This will be a no nonsense bill to back small businesses and help create jobs, giving financial security and economic peace of mind to hardworking people across the country.

We will be asking businesses for evidence in the coming weeks and months. We want them to be our partners in identifying and scrapping needless burdens at home and in Europe. It's important government gets behind small businesses – enabling them to get finance, get paid on time and get rid of red tape.”

The Enterprise Bill will also allow for the creation of a Small Business Conciliation Service to assist in the settlement of disputes between small and large businesses, especially in the area of late payment practices. Many SMEs are unaware of their legal rights or ability to action late and non-payment and are owed over £32 billion in late payments. This service will build on the existing measures to tackle late payment practices.

Late payments are the main reason SMEs experience cashflow problems and in turn cashflow issues are the major reason businesses fail.

Lets hope that this Bill together with the Small Business Enterprise and Employment Act 2015 will provide SMEs with the well needed support they need to grow and develop.

Date Issued 28 May 2015.

Follow @justcashflowuk on Twitter for more like this.

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