The new measures and commitments include:
- Broadband vouchers – 22 cities across the UK will benefit from up to £100 million of broadband vouchers worth up to £3,000 each to help more small firms boost their business by accessing faster and better broadband connectivity.
- An agreement from the major energy firms to end auto-rollovers for business customers, limit back billing, increase transparency of contract terms and make switching easier
- Access to £230 billion of public sector contracts – implementing Lord Young’s recommendations, which were accepted by the Prime Minister in May 2013, to make it easier and simpler for small firms to win public sector business
- Ensuring that all small businesses who supply the public sector in a supply chain will be paid at the same time as the big contractors. There will also be a consultation on new measures to tackle late payment in the private sector.
- Small businesses will also benefit from an additional £250 million being made available to the British Business Bank to improve access to finance, announced by the Deputy Prime Minister Nick Clegg and Business Secretary Vince Cable earlier this week. Also a further £160 million will allow the successful Start Up Loans scheme to be extended to more entrepreneurs.