Small Business Act becomes law
10 Apr 2015
The Small Business, Enterprise & Employment Act has received Royal Assent, and became law on 26 March this year.
The Act is designed to boost economic growth through the creation of small businesses, improving access to finance and putting an end to exclusivity clauses in zero hours contracts.
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.’
Other features of the Act include: increasing transparency on payment practices and policies, reducing red-tape by frequently reviewing business regulations, and assisting with small business expansion overseas.