Queen’s Speech: Help for small firms

Moves to help smaller firms win public contracts and speed up payments from their customers were welcomed by industry groups.

The Government said a Small Business, Enterprise and Employment Bill was aimed at making the UK the most attractive place to grow a business.

Measures will include help for small businesses to access finance, improve payment with their customers and giving them fair access to the £230 billion spent every year on public procurement contracts.

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Red tape affecting small business will also be reviewed frequently to make sure they are either cut or remained effective.

Transparency around who owns UK companies will be strengthened, with a register of ownership, while small businesses will be helped to expand overseas.

John Allan, chairman of the Federation of Small Businesses said: “It includes measures that we have pushed for in our discussions with government and all political parties over the last 12 months to help them support their growth ambitions, such as action on late payment terms for smaller suppliers and to beef up scrutiny of unnecessary regulation.”