Insights Enterprise Bill receives Royal Assent and becomes the Enterprise Act.

The Government says that 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 includes measures to:

  • establish a Small Business Commissioner to help small firms resolve issues such as late payment;
  • include the actions of regulators in the Government’s £10 billion deregulation target and increase transparency through annual reporting requirements;
  • update the Industrial Development Act to help support the roll-out of telecommunications and broadband;
  • extend the successful Primary Authority scheme to make it easier for businesses to access consistent, tailored and assured advice from local authorities, giving them greater confidence to invest and grow; and
  • create a legal obligation for insurers to pay claims to businesses within a reasonable time.

Business Minister, Anna Soubry said: “Together these measures will give a big boost to British enterprise. The Small Business Commissioner will help tackle the scandal of late payment – one of the leading issues for smaller firms. While the positive steps to reduce the burden of regulation and give more young people the opportunity to do an apprenticeship will benefit millions of businesses across the country”.

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.  To read the Government’s press release in full, click here.