It will doubtless be hoped by Government that limited company incorporation services like those offered by London Registrars will be in even greater demand following the publication of a new Enterprise Bill aimed at driving growth, creating jobs and ensuring “economic security for all”.
Included in the Bill, published on 17th September 2015, are measures to speed up insurance payments to business and provide the Government with further powers for broadband investment. Small businesses will also be assisted by a Small Business Commissioner to resolve their payment disputes with larger firms and the new measures will contribute to the Government’s target to slash £10 billion of red tape.
According to the Department for Business, Innovation & Skills (BIS), “the bill will help tackle the scandal of late payments, which hold back many small businesses, ensure high quality apprenticeships, and make further cuts to burdensome red tape for the first time including the actions of regulators.”
The new measures announced by Government include a clampdown on the late payment of insurance claims will enable quicker recovery of businesses from fire and floods. Insurers currently are not required to pay undisputed claims to businesses with any time constraints. The new rules will incorporate a requirement of payment of undisputed claims within a reasonable time into every insurance contract.
Additionally the Enterprise Bill will revise the Industrial Development Act to give the Government new powers to fund new nationwide broadband projects, for the benefit of local communities or industry. With late payments costing small firms £26.8 billion a year according to BIS, the Enterprise Bill will also set up a Small Business Commissioner to help small firms to handle disputes with larger businesses.
The Enterprise Bill also includes a measure for preventing poor quality training schemes being passed off as ‘apprenticeships’. Targets are also to be set for the number of apprentices that public bodies take on, ensuring that the public sector leads by example in its investment in a highly skilled workforce.
The bill has also proposed to extend the Primary Authority scheme that has already assisted more than 7,000 businesses in their compliance with local regulations, with the scheme set to be opened up to thousands more small firms and entrepreneurs.
Other measures in the bill range from putting “a stop to taxpayer-funded, six-figure payoffs in the public sector” and improving the business rates appeals system to require an annual report from regulators on the impact their actions have on business. In addition, business ratepayers will be prevented from being forced to share the same information twice with local Government and the Valuation Office Agency.
Business Secretary Sajid Javid commented: “The Government is committed to making sure the UK continues to be the best place in Europe to do business. The Enterprise Bill will help do just that with measures to cut red tape, protect high-quality apprenticeships and deal with unfair payment practices hitting small firms.”