What are the benefits of the new Enterprise Bill?

September 27, 2015 by Andy Crow @ Chorus Business Advisers

On September 17th, the Government released an Enterprise Bill aiming to protect businesses from a variety of problems, drive further growth, create more jobs and ‘‘ensure economic security for all.’’  

The aim was to improve four specific areas of concern

1. Late payments
They appointed a Small Business Commissioner to help smaller businesses resolve payment problems with larger companies. Currently, late payments have cost firms an estimated £26.8 billion.

2. Cut red tape
The Bill has pledged to cut red tape by £10 billion over the next five years as the government extends its Business Impact Target. This new procedure will also attempt to reduce regulatory burdens on businesses, enabling them to free up resources, boost productivity and ensure that there is even greater transparency around the impact of regulation on business.

3. Improve apprenticeships
The Enterprise Bill includes a measure that will prevent employers and training providers from passing off poor training programmes as ‘apprenticeships.’ The government will also set a new target for the number of apprentices to be hired by public bodies, ensuring that a number of young people will gain a promising career.

4. Improve broadband
Update the Industrial Development Act, to give new powers to fund broadband projects across the country for local and industrial sized businesses.