The Small Business, Enterprise and Employment Act – designed to make the UK the best place in the world to start and grow a business – has become law.
It paves the way for businesses to get improved access to finance, obtain loans from any lender, creates fairer provision for tied pub tenants and puts an end to zero hours exclusivity clauses. It also aims to streamline public procurement.
With more than five million businesses in the UK, the Act will open up 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.”