Creating the right conditions for businesses to grow and succeed is at the centre of new business legislation announced today.
9 May 2012
The Queen has outlined the government’s priorities for the coming Parliamentary year in the official state opening of Parliament today.
The main elements include measures:
- To set the purpose of the UK Green Investment Bank and ensure its independence.
- Implement the competition landscape reforms.
- Overhaul the employment tribunal system.
- Cut unnecessary red tape for businesses.
- Reform directors’ pay.
Business Secretary Vince Cable said:
“Securing economic growth through business investment and trade is absolutely essential to recovery.
“Government’s plans to cut red tape, boost green investment, reform the competition landscape and reform the banks are vital moves that would help strengthen the business environment and boost consumer and business confidence.”
The Enterprise and Regulatory Reform Bill
The Bill will:
- Overhaul the employment tribunal system, and transform the dispute resolution landscape.
- Improve the effectiveness and efficiency of competition enforcement and the competitiveness of markets, by strengthening the regime and improving the speed and predictability for business.
- Set the purpose of the UK Green Investment Bank and ensure its independence.
- Strengthen the framework for setting directors’ pay by introducing binding votes.
- Extend the Primary Authority scheme, reduce inspection burdens on business and strengthen the legal framework for sunset clauses on regulation.
- Repeal unnecessary legislation, cutting the burden on business and citizens.
Groceries Code Adjudicator Bill
This Bill will create a Groceries Code Adjudicator (GCA) to uphold the Groceries Code. It will address the market dominance of the large retailers and ensure suppliers are treated fairly and lawfully.
The GCA would address these competition issues by arbitrating disputes between retailers and suppliers, investigating anonymous complaints, and taking sanctions against retailers who break the rules.
It is expected that both Bills will receive an early introduction.