Enterprise Act becomes law, but when will it really help small firms resolve issues such as late payment?

The Enterprise Act includes measures to:

– establish a Small Business Commissioner to help small firms resolve issues such as late payment

– include the actions of regulators in the government’s £10 billion deregulation target and increase transparency through annual reporting requirements

– extend the successful Primary Authority scheme to make it easier for businesses to access consistent, tailored and assured advice from local authorities, giving them greater confidence to invest and grow

– protect and strengthen the apprenticeship brand, introduce targets for apprenticeships in public sector bodies in England, and establish an Institute for Apprenticeships – an independent, employer-led body that will make sure apprenticeships meet the needs of business

– create a legal obligation for insurers to pay claims to businesses within a reasonable time

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. At the same time, the positive steps introduced by the Enterprise Act 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.

Enterprise act goes on the books

source: https://www.gov.uk/government/news/enterprise-act-becomes-law

Categories: credit control, Debt, late payment, Legal, News

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