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Enterprise Bill: what you need to know

The Government’s Enterprise Bill has been published, focusing on late payments, red tape and apprenticeships. What does it mean for UK SMEs?

The Enterprise Bill has been long awaited by many small to medium sized businesses. Seeking to address issues in financing, bureaucracy and skill shortages, the Bill could make a big difference to under-resourced smaller businesses.

In addition, insurance pay outs to businesses are to be sped up, a move the, welcomes. Government investment in broadband infrastructure, another item in the Bill, should be helpful to those SMEs not based in one of the UK’s main conurbations.

The three main points of the Enterprise Bill

  1. Creation of small business commissioner to help smaller businesses having problems with late payment. Mediation will be offered with the potential to take complaint to the small business commissioner
  2. Continue work on deregulation by bringing in more regulators to widen scope of cutting of red tape with the aim of matching the Government’s claimed £10 billion of savings in the next five years.
  3. Apprenticeships to give young people the right skills. A continuation and expansion of the apprenticeship scheme from the last Government aims to create 3 million more apprentices and enshrining the term ‘apprentice’ in law to prevent passing off low-skilled jobs as apprenticeships. Apprenticeship targets for public bodies.

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