Business insolvency rates among SMEs may be reduced in the years to come, thanks to the efforts of the Small Business, Enterprise and Employment Bill, introduced to Parliament on June 25th.
The Bill aims to establish a fairer playing field for small businesses, specifically by ensuring that they cannot be subjected to unfair competition from law-breaking rivals.
Alongside this are a host of other measures, which combine to ensure UK businesses receive fair treatment and that their employees can feel confident in their workplace as well.
Business secretary Vince Cable said: “The government is working hard to improve the environment for small businesses.
“Better access to finance for SMEs, measures to boost trust and transparency in British business and increasing fairness in the workplace are key issues that this bill aims to address.”
For SMEs though, the measures to make sure unfair competition cannot excessively harm their revenues could be the most welcome.
These should help to reduce excess competition and price wars, allowing companies to earn a fair income, and steering them clear of business insolvency in more cases.