The enterprise bill received royal assent on 4 May 2016 and officially became the enterprise act.
The act looks to deliver a range of measures such as reforming business rates, tackling late payments and improving the quality of apprenticeships.
The following measures from the act will be introduced:
- Establish a small business commissioner to help firms resolve issues such as late payments
- Set up regulators and increase transparency through annual reporting requirements
improving business confidence and grow by extending the primary authority scheme
- Protect and strengthen apprenticeships, introducing targets for public sector bodies and set up an “Institute for Apprenticeships”
- Legal obligation for insurers to pay claims to businesses on time.
The enterprise bill was introduced on 16 September 2015 and received royal assent on 4 May 2016. Some of the measures will commence automatically, while others will require secondary legislation.
Business secretary Sajid Javid said:
“The Enterprise Act will help deliver the growth and security that benefits every single person in the country. It is proof that this government is delivering on its commitment to back the business owners who are the real heroes of our economic recovery.”