The new legislation is now in place and has been was designed to help entrepreneurs looking to establish new and growing businesses. It paves the way for businesses to get improved access to finance and puts an end to zero hours exclusivity clauses.
The act focuses on the following 11 key areas:
- Access to finance
- Regulatory reform
- Public sector procurement
- Childcare and schooling
- Company transparency
- Company filing requirements
- Directors’ disqualification
- Insolvency
- Employment
- Pubs Code Adjudicator and Pubs Code
- Education evaluation
On access to finance, the legislation now requires banks to pass on details of small and medium-sized enterprises they decline for a loan to online platforms which can help match them with alternative finance providers.
It’s hoped it will create the climate for business growth and make it easier for SMEs to export goods and services made in Britain. It contains measures to capture companies who do not play by the rules, whether by abusing zero hours contracts or not paying the minimum wage.
Further changes in the law.
Some parts of the Act don’t come into force until October 2015 and further details can be found here courtesy of PKF LittleJohn LLP.
