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Following Royal Assent, the Small Business Act is now a British law

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The Act, which has been championed by business secretary Vince Cable, was explored thoroughly by Real Business earlier in March to find out just exactly what legislation the bill contains, with everything from access to finance and red tape included.

And as the government puts it, with Royal Assent behind it, “measures designed to make the UK the best place in the world to start and grow a business have become law.”

Cable said: “Small businesses provide jobs for millions of people across the country and are driving the economic recovery. 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.

“The Bill’s measures also mean there is nowhere to hide for firms who do not play by the rules, whether by abusing zero hours contracts or not paying the minimum wage.”

With the UK holding more than five million small firms, the Act is set to provide better support and opportunity to innovate, grow and create jobs.

Speaking to Real Business about the act, business minister, Matthew Hancock, said: “The first-ever Small Business Bill takes radical action on prompt payment to end the late payment culture. It contains measures across the board to make it easier to start and grow a business.

“As someone who understands how it works, having been part of a small business myself, to be able to make the changes available today is one of the reasons I went into politics.”

This will likely be viewed as a welcome boon for the Conservatives ahead of the forthcoming election. 

Hancock added: “The government has backed small businesses like never before to build a Britain where entrepreneurs can break the mould and take on the world. I know first-hand how cumbersome bureaucracy can stifle your ambitions to grow.

“The Small Business Act is the first set of laws specifically to help level the playing field for small business. There really has never been a better time to start and grow a business in the UK.”

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