Firms unimpressed with EU's new SME strategy

The long awaited passing of the European Commission's Small Business Act (SBA) has been met with disappointment by groups representing entrepreneurs across Europe.

Underpinned by the principle 'Think Small First', the commission trumpeted Wednesday's introduction of the legislation as a "crucial milestone" which will slash red tape, make public authorities more responsive, drive up access to finance and boost training and innovation.

Alongside initiatives aimed at making it easier to set up a company in different member states and measures to tackle late payment, commissioners promised to cut administrative burdens by 25% over the next four years.