Government’s Enterprise Act Set to Benefit 5.4m UK Small Businesses
Small business commissioner will now be appointed to help smaller firms resolve issues such as late payments and red tape
5.4 million UK small businesses are set to benefit from the government’s new Enterprise Act that was passed this week, business secretary Sajid Javid has announced.
Measures contained within the act include the appointment of a small business commissioner who will aim to reduce red tape by £10bn over the next five years and help small firms tackle late payments.
As part of the Act, the Primary Authority scheme has also been extended which means that small businesses will continue to receive assistance from local authorities, and an Institute for Apprenticeships is also being created.
Javid, said of the news: “The Enterprise Act will help deliver the growth and security that benefits every single person in the country. It is proof that this government is delivering on its commitment to back the business owners who are the real heroes of our economic recovery.”
Chris Bryce, IPSE CEO, added:
“It’s great to see the government has acted on IPSE’s call for a small business commissioner. One of the commissioner’s key responsibilities will be dealing with companies that pay late – one of the biggest challenges facing the self-employed. IPSE research shows almost three quarters of disputes between freelancers and clients stem from late payment.”