What is the Enterprise Bill?

In the new parliament one of the first acts to be passed is that of the new Enterprise Bill.

It's main purpose is to serve the interests of small business, whilst also simplifying and clarifying the business environment in this country and focusing on jobs.

Here's how the Enterprise Bill plans to do this. Take a look to find out how it might impact your business.

Enterprise Bill

The purpose of the Bill is to:

  • cement the UK’s position as the best place in Europe to start and grow a business, by cutting red tape and making it easier for small businesses to resolve disputes quickly and easily
  • reward entrepreneurship, generate jobs and higher wages for all, and offer people opportunity at every stage of their lives

The main benefits of the Bill would be:

  • progressing our commitment to cutting red tape and saving businesses at least £10 billion over this Parliament
  • creating a Small Business Conciliation Service to help resolve business-to-business disputes, especially over late payment
  • improving the business rates system ahead of the 2017 revaluation, including by modernising the appeals system
  • other measures to help strengthen the UK’s competitiveness and back businesses to create jobs

The main elements of the Bill are:

2.1 Deregulation

  • extending the government’s ambitious target for cutting red tape to cover the activities of more regulators to enable them to contribute to the deregulation target
  • require regulators to be more transparent by reporting against their compliance with existing statutory better regulation requirements. This will ensure that regulators design and deliver services and policies to best suits the needs of business
  • extension of the Primary Authority scheme to streamline regulation around the country

2.2 Small Business Conciliation Service

  • establishing the Small Business Conciliation Service that will handle business-to-business disputes without the need for court action, tackling in particular, late payment issues

2.3 Public Sector Redundancy Pay

  • Introducing a cap on exit payments made to public sector workers to end 6-figure payoffs for the best paid public sector workers

2.4 Business rates

  • introduction of business rates appeals reform, including modifying the Valuation Tribunal powers to consider ratepayer appeals
  • allow for the Valuation Office Agency to share information with local government to improve the system for both local government and ratepayers.

Let us know whether you think this is doing enough to support small businesses. What would you include in the Enterprise Bill?

Tweet us @TheIOEE or drop us an email with your thoughts.