CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Boost for firms as Small Business Act becomes law
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Boost for firms as Small Business Act becomes law PDF Print E-mail
Friday, 27 March 2015

Measures designed to make the UK the best place in the world to start and grow a business have become law following Royal Assent for the Small Business, Enterprise and Employment Act being given yesterday.

The wide-ranging Act paves the way for businesses to get improved access to finance, creates fairer provision for tied pub tenants and puts an end to zero hours exclusivity clauses.

With more than 5 million businesses in the UK, the Act will open up new opportunities for small firms to innovate, grow and create jobs.

Business Secretary Vince Cable said:

“Small businesses provide jobs for millions of people across the country and are driving the economic recovery. The Small Business Act will create the right environment for small businesses to continue to thrive by giving them greater access to finance to help them innovate and grow, and make it easier for them to export goods and services made in Britain.

“The Bill’s measures also mean there is nowhere to hide for firms who do not play by the rules, whether by abusing zero hours contracts or not paying the minimum wage.”

Business Minister Matthew Hancock said:

“The government has backed small businesses like never before to build a Britain where entrepreneurs can break the mould and take on the world.

“Coming from a small business background myself, I know first-hand how cumbersome bureaucracy can stifle your ambitions to grow.

“The Small Business Act is the first set of laws specifically to help level the playing field for small business. There really has never been a better time to start and grow a business in the UK.”

Measures under the Act will help small businesses by:

    •    improving access to finance through increasing the availability and sources of investment for small businesses, so that they can secure the funding they need to grow
    •    opening up access to small business credit data, levelling the playing field between providers and making it easier for a small business to seek a loan from a lender other than their bank
    •    requiring banks to pass on details of small and mid-sized businesses they decline for a loan, with the firm’s permission, to online platforms which can help match them with alternative finance providers
    •    introducing ‘cheque imaging’ to speed up cheque clearing times and increase customer choice in ways to pay
    •    increasing transparency on payment practices and policies through a tough new reporting requirement on the UK’s largest companies. Increased transparency will help address the current economic imbalance in power between small and large companies - it will provide small firms with the information they need to negotiate fairer deals, and it will shine a light on poor practice
    •    cutting down on red-tape by ensuring that regulations affecting business are reviewed frequently and remain effective. Unnecessary regulation gets in the way of doing business, so the government is introducing a target for the removal of regulatory burdens to be published in each parliamentary term, holding future Governments to account and enabling small firms to grow and get on with doing business
    •    appointing an independent Small Business Appeals Champion for non-economic regulators to ensure that the needs of business – particularly small firms – are taken into account with an understandable and effective appeals and complaints process
    •    introducing a Pubs Code and Adjudicator to govern the relationship between large pub-owning companies and their tied tenants, bringing fairness to the sole traders and small businesses that run thousands of tied pubs across England and Wales
    •    assisting small business expansion overseas, increasing the support available from UK Export Finance and widening its powers to help UK exports and exporters, making it easier for all businesses, regardless of size, to expand in the international marketplace
    •    streamlining public procurement to remove barriers so that small businesses can gain better, more direct access to public sector contracts. Further measures will make it easier to raise concerns about poor procurement practices, ensuring these are small business friendly

Other measures that came into law yesterday include:

    •    stopping abuse of zero hours contracts by preventing ‘exclusivity clauses’ which stop individuals from working for another employer, even if the current employer is offering no work
    •    deterring employers from breaking National Minimum Wage legislation by amending the power to set the maximum penalty for under payment, so it can be calculated on a per worker basis
    •    enhancing the reputation of the UK as a trusted and fair place to do business, increasing transparency around who owns and controls UK companies and helping deter and sanction those who hide their interest in UK companies to facilitate illegal activities, including through the creation of a publicly accessible register of people with significant control over a company
    •    strengthening the rules on director disqualifications to widen the matters of misconduct courts must take into account when disqualifying, including conduct in overseas companies, and measures to help creditors recoup losses resulting from director misconduct
    •    reforming employment tribunals by encouraging more efficient management of tribunal postponements in order to reduce delay and cost, and will introduce a penalty to ensure that employment tribunal awards are paid promptly and in full
    •    streamlining insolvency law to remove unnecessary costs and ensure effective oversight of insolvency practitioners so they deliver their services at a fair and reasonable cost that reflects the work undertaken
    •    providing new and improved information on learning outcomes by tracking students through education into the labour market, fostering self-improvement by schools, colleges and higher education providers and informing government policy

(Source - BIS Press Release)

 

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197