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Enterprise Act becomes law

by Susie Hughes at 16:37 05/05/16 (News on Business)

The Government's proposals to facilitate an enterprise culture become law as the Enterprise Bill receives Royal Assent (May 4).

The Enterprise Act aims to deliver growth and security through a number of initiatives, including cutting red tape and tackling late payments. Business Secretary Sajid Javid said: "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." 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 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. While the positive steps 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." Additional measures Advertisement Additional measures under the Enterprise Act will reform the business rates appeals system; enhance shop workers’ rights to opt out of working on Sundays; pave the way for bringing private capital in to the Green Investment Bank; amend the Small Business Enterprise and Employment Act relating to the Pubs Code and adjudicator; put a cap of £95,000 on exit payments in the public sector; allow the Government to fund UK Government Investments Limited; and update the Industrial Development Act to help support the roll-out of telecommunications and broadband. Some provisions of the Enterprise Act will commence automatically, whereas other provisions will require regulations. Under the Act, secondary legislation will be required in a number of areas as part of wider implementation. The Enterprise Bill was introduced to Parliament on September 16, 2015. The Bill started in the House of Lords and then passed through the House of Commons before Lords consideration of Commons amendments on April 19, 2016. Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2016

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