The Queen's Speech announced the introduction of the Small Business, Enterprise and Employment Bill, a significant piece of new legislation that addresses the needs of small businesses.
The first Small Business Bill includes a package of measures designed to create a fairer marketplace and improve the business environment for small firms. It tackles key issues such as access to finance, prompt payment, employment law and procurement.
The Bill includes plans to open up the government's £230bn public procurement contracts more fully. A publicly available register of beneficial ownership of companies is also proposed. In addition, a statutory code for publicans is aimed at improving prospects for pub landlords.
John Allan, national chairman of the Federation of Small Businesses (FSB), said: "The Small Business Bill reflects the growing recognition of the role small businesses have to play in driving forward the economy and the need to do all we can to support them in that effort. It includes measures that we have pushed for in our discussions with government and indeed all political parties over the last 12 months."
The Small Business Bill will be published on 16 June 2014, followed by second reading, committee and report stages and third reading in the Commons before it reaches the Lords and completes its passage through both Houses by March 2015.
James Benamor, CEO of Amigo Loans, said: "Whilst this is the right move by the government, it just goes to show what a mess the UK's lending system is currently in and that big banks are still unwilling to help Britain's entrepreneurs. At least we are seeing some positive steps from the government who finally look like they are ready to take real action to help small businesses. The quicker this legislation comes through the better."