Business secretary Vince Cable has suggested that "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." Cable has also argued that the Act means that firms that do not play by the rules will not be able to hide. This will mean that companies will not be able to abuse zero hour contracts or not pay minimum wage.
The Act focuses on the following key areas:
- Access to finance
- Regulatory reform
- Public sector procurement
- Childcare and schooling
- Company transparency
- Company filing requirements
- Directors’ disqualification
- Pubs Code Adjudicator and Pubs Code
- Education evaluation
In addition to this, Business Minister Matthew Hancock has added that "the bill had taken radical action on prompt payment to end the late payment culture where the largest companies will now have to report on payment practices twice a year." As a result, this Act will enable businesses to start up more easily and grow more rapidly than before.
The Small Business, Enterprise and Employment Act 2015 was passed on 27 March.