The Small Business, Enterprise and Employment Act, which includes measures designed to help entrepreneurs start and grow a business, has received Royal Assent.
It is the first such act and paves the way for businesses to get improved access to finance, creates fairer provision for tied pub tenants and puts an end to zero hours exclusivity clauses.
The Business Secretary, Vince Cable, stated that the new legislation was designed to help entrepreneurs looking to establish new and growing businesses, adding that it also means that firms will no longer be able to get away with abusing zero hours contracts or failing to pay the minimum wage.
The act focuses on the following key areas:
- Access to finance
- Regulatory reform
- Public sector procurement
- Childcare and schooling
- Company transparency
- Company filing requirements
- Directors’ disqualification
- Pubs Code Adjudicator and Pubs Code
- Education evaluation
Other changes include setting up ‘cheque imaging’ to speed up cheque clearing times and increasing the availability and sources of investment for small businesses, opening up access to small business credit data.