FSB hails the arrival of the first ever Small Business Act

The first ever dedicated Small Business Act is widely expected to receive Royal Assent this week. The Bill is designed to reduce the barriers that can hamper the ability of small businesses to innovate, grow and compete.

Gordon Millward, Regional Chairman of the Federation of Small Businesses, said:

“The Small Business Act reaching the statute book is a landmark moment for the UK’s 5.2 million small firms. For the first time, an important piece of legislation has been devoted to small businesses. This underlines the huge economic contribution small firms make to the UK economy and recognises their distinct needs.

“The FSB has been the voice of business on the Bill from the outset, proposing many of the measures that now form the Act. These include measures on late payments, access to finance and credit information, and to secure a better deal for Britain’s publicans. The FSB will work with Ministers to make sure that the secondary legislation and further guidance now required is drafted in the interests of small firms.”