Today I spoke at the third reading of the Small Business, Enterprise and Employment Bill, which represents the first time a UK government has legislated specifically on behalf of small business. Unfortunately the number of speakers and interventions coming in on in this historic Bill meant I had to give a highly condensed version of my speech in chamber. The full version is below: Madam Deputy Speaker, like many colleagues on this side of the House, I’ve been privileged to run a small business, which I started at home. In those early days you have to be your own secretary, director and salesforce. You’re constantly on the hunt for new finance. Margins are tight and if a cheque arrives late you don’t get paid so your staff get their paycheque at the end of the month. There’s a lot of self-doubt and sleepless nights. It’s a bit like being the Leader of the Opposition. Madam Deputy Speaker, we on this side of the House understand small business. We’ve introduced this Bill because we want to make that journey easier for them. Because we know their success is inseparable from the success of the wider British economy. Small businesses in my constituency are already benefitting from our economic plan. Business creation in Stratford-on-Avon is up by over a 100 percent since the election. 2400 of my constituents have taken up an apprenticeship, 2000 Stratford businesses have taken advantage of the Employment Allowance. It is their hard work which is helping drive this recovery, and this side of the House is clear that we are on their side. This is a hugely ambitious Bill, the first time Government has legislated specifically for small businesses. It will strengthen the recovery and see further support directed to Stratford’s job creators. First, on procurement. When the party opposite left office only 6.5 percent of public procurement went to small and medium-sized businesses. Not only were smaller firms denied a chance to compete on a level playing field but the taxpayer was denied value for money. This Bill puts that right. Next, and crucially for businesses in my constituency, it contains important measures on access to finance. Everyone agrees on the need for more competition in the business lending market. This Bill will open that market up. Banks will be required to refer businesses to other providers, and crucially business lending data will be available for new challengers. This is about making sure finance keeps up with economic innovation. We are world leaders in the digital economy, yet online businesses often don’t have the physical assets traditionally used to secure a loan. It’s time they looked beyond the monopoly of the high street banks, at equity options and at some of the innovative new online platforms like crowdfunding and peer-to-peer. This Bill, complementing the new Business Bank, will accelerate the diversification of the financial system our economy needs. Along with access to capital, the Bill also addresses cash-flow. In particular, measures to create a more responsible payment culture. The payment practices of all large companies will now be published, the Prompt Payment Code will be strengthened, and the public sector will lead by example. This new transparency will change the payment culture of British business, but we must keep the pressure on. I believe we as Parliamentarians have a key role to play in highlighting abuses and keeping late payment on the agenda, just as we’ve helped change behaviour in the City by keeping financial reform on the agenda. I know some hon. Members wanted to see mandatory payment terms. As someone who was on the receiving end of late payment when I was in business, I have sympathy with that view. Yet I strongly believe we should always attempt to change culture before we change the law. Legislation has unintended consequences and should always be a last resort. The law of unintended consequences also has a direct bearing on pubs. I have no doubt that last night’s vote on New Clause 2 was cheered on by the most profitable city pubs. My concern is for the small village pubs in my constituency - some of which are subsidised by the pub companies - which now face increased uncertainty about their future. Our decision to intervene in centuries-old contract law saw the share price of two pub operating companies fall by over 10 percent this morning. If their revenues are at risk because of our intervention, this could make their business model unviable and cause mass pub closures, undermining our original intention to protect the local pub. Last and crucially, this Bill shows there is no contradiction between protecting workers and making markets more competitive. It tackles exclusivity clauses in zero hours contracts, because in a free market employees need flexibility too. And it brings in record fines for non-payment of the Minimum Wage, so unscrupulous firms think twice before breaking the law to undercut their rivals. Madam Deputy Speaker, the party opposite claim that they too speak for small business. But who was it that introduced six new regulations for every working day they were in government? Who left corporation tax higher than our competitors? Who failed to regulate the banks and left us with the biggest bust and the biggest deficit in peacetime history? Now they want to set up a Small Business Administration. But they’re forgetting one thing: this whole Government is a small business administration. Across government, in education and skills, in tax and regulation, in energy and infrastructure we are backing the success of Britain’s small businesses. This Bill puts their needs front and centre and I commend it to the House.