The 5.4 million businesses in the UK are set to benefit as the Enterprise Bill received Royal Assent on the 4th May 2016 and became the Enterprise Act. The package of measures in the Act will help the government deliver on many of its commitments, from cutting red tape and tackling late payment to boosting the quality and quantity of apprenticeships.
The Enterprise Act’s Principal Aims:
- create a legal obligation for insurers to pay claims to businesses within a reasonable time
- establish a Small Business Commissioner - helping small firms resolve late payment issues
- include the actions of regulators in the government’s £10 billion deregulation target
- introduction of annual reporting aimed at increasing transparency
- make it easier for businesses to access consistent, tailored and assured advice from local authorities
- protect and strengthen the apprenticeship brand,
- introduce targets for apprenticeships in public sector bodies in England
- establish an Institute for Apprenticeships – an independent, employer-led body that will make sure apprenticeships meet the needs of business
Some provisions of the Enterprise Act will commence automatically, whereas other provisions will require regulations. Under the Act, secondary legislation will be required in a number of areas as part of wider implementation.
The full text of the act can be found by following the link below.http://www.legislation.gov.uk/ukpga/2016/12/contents/enacted