Government vows to ‘help firms to start-up and scale-up’

A new Bill to help small businesses is being introduced by the government.

The Small Business, Enterprise and Employment Bill contains several measures designed to make it easier for small firms to thrive. They include:

• Strengthening the rules on director disqualifications and measures to help creditors recoup losses resulting from director misconduct.

• Assisting expansion overseas by increasing support from UK Export Finance, making it easier to expand in the international marketplace.

• Introducing a Pubs Code and Adjudicator to govern the relationship between pub-owning companies and their tied tenants.

• Cutting red tape by ensuring regulations affecting business are reviewed frequently and remain effective.

• Improving payment practices so that small businesses can ensure more of their invoices are paid on time. Also the introduction of ‘cheque imaging’ means cheques will be cleared by banks faster.

• Enhancing the reputation of the UK as a trusted and fair place to do business by increasing transparency around who owns and controls UK companies.

Skills and Enterprise Minister Matthew Hancock said: “Every village, town and city throughout the country is host to a range of small businesses from shops, garages and cafés, to manufacturing firms and tech start-ups. We are backing business every step of the way with the first small business bill, to help create the prosperity and secure the jobs we need.

“Small businesses are the driving force of our economy and this bill is part of the government’s commitment to back enterprise and help firms to start-up and scale-up.”

The Bill was put before parliament in June. We shall keep clients informed of developments.

Please contact Sing Li if you would like information or advice about any of the issues raised in this article.