Growth and fairness at heart of business legislation
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09 May 2012 - BIS
Creating the right
conditions for businesses to grow and succeed is at the centre of new
business legislation announced today in the Queen’s Speech. 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 and reform directors’ pay.
The two Bills planned for the next session of Parliament are
the Enterprise and Regulatory Reform Bill, and the Groceries Code
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 Queen’s Speech set out the Government’s plans for two business
The Enterprise and Regulatory Reform Bill, which would:
overhaul the employment tribunal system and transform the dispute
And the Groceries Code Adjudicator Bill that would:
- create a Groceries Code Adjudicator (GCA) to uphold the
Groceries Code to 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,
taking sanctions against retailers who break the rules.
BIS will be jointly introducing, with the Department for Education, a
Bill for shared parental leave and flexible working.
BIS co-commissioned with the Treasury the Vickers Report which is
leading to legislation to split investment bank and traditional
It is expected that both BIS Bills would receive an early
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© Crown Copyright. Material taken from the BIS Department for Business, Innovation and Skills. Reproduced under the terms and conditions of the Click-Use Licence.
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Article Published/Sorted/Amended on Scopulus 2012-05-11 14:09:51 in Business Articles