The Queen unveiled a raft of proposed legislation in her Speech yesterday (June 4), including pension reforms and help for childcare, but one Bill in particular is specifically designed to address the needs of small businesses.<\/p>\n
The Small Business, Enterprise and Employment Bill includes a package of measures designed to create a fairer marketplace and improve the general operating environment for small businesses, while removing red tape. <\/p>\n
It is designed to tackle issues around prompt payment, access to finance, employment law, procurement and large pub companies controlling rent increases and beer prices for smaller public establishments.<\/p>\n
Key measures in the Bill include strengthening the existing Prompt Payment Code and forcing larger businesses to publish their payment terms to increase transparency on the ethical treatment of small suppliers. In addition, enhanced powers have been granted to the Government\u2019s Regulatory Policy Committee to increase scrutiny of regulatory proposals.<\/p>\n
Many business organisations welcomed the Bill, with the manufacturers\u2019 organisation EEF hailing \u201ca number of pro-growth and pro-work policies, while the Confederation of British Industry (CBI) said it backed measures to put pressure on companies that failed to pay suppliers promptly.<\/p>\n
Meanwhile, the Federation of Small Businesses (FSB), which has long campaigned to remove the problem of late payments that cause serious cash flow problems for businesses and to reduce the impact of costly and burdensome regulation on small firms, said that the Bill reflects the growing recognition of the role small firms play in driving the economy forward.<\/p>\n
The Bill will be published later this month, followed by Second Reading, Committee and Report Stages and then a Third Reading of the Bill in the Commons before it reaches the Lords and hopefully completes its passage through both Houses by March next year, shortly before the election in May.<\/p>\n","protected":false},"excerpt":{"rendered":"
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