The Queen’s Speech highlights the landmark introduction of the ‘Small Business, Enterprise and Employment Bill’, a significant piece of legislation that is, for the first time, specifically designed to address the needs of small businesses.
The first ever Small Business Bill includes a package of measures designed to create a fairer marketplace and improve the general operating environment for small businesses. Tackling issues around prompt payment, access to finance, employment law, procurement and large pub companies controlling rent increases and beer prices for smaller public establishments.
Key measures for the FSB 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 theGovernment’s Regulatory Policy Committee to increase scrutiny of regulatory proposals.