The UK Government has published the Enterprise and Regulatory Reform Bill, one of the key measures outlined in the recent Queen's Speech to encourage economic growth.[s2If !is_user_logged_in()]
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The Bill aims to:
- improve the employment tribunal system
- set up the new Competition and Markets Authority
- Set the purpose of the UK Green Investment Bank
- Give shareholder binding votes on directors’ pay
- Copyright and classic designs
Government has already taken action on issues including tax, regulation and planning to support British businesses and promote economic growth, but Ministers are determined to do more.
Business Secretary Vince Cable said:
“Growing our economy out of a period of acute crisis is the most pressing issue for this Government. We want to make sure the right conditions are in place to encourage investment and exports, boost enterprise, support green growth and build a responsible business culture.
The measures in the Enterprise and Regulatory Reform Bill will help make Britain one of the most enterprise-friendly countries in the world. It will improve our employment tribunals, reform and strengthen competition enforcement, scrap unnecessary red tape and help ensure that people who work hard and do the right thing are rewarded.”
The Bill aims to simplify regulation by:
- Reducing inspection burdens on businesses of all sizes and increasing SME access to reliable, consistent advice on complying with regulations in areas such as trading standards, health and safety and environmental health.
- Ensuring powers to put a time-limit on new regulations via 'sunset clauses’. Departments should make a case to keep regulation - otherwise it will be scrapped.
- Repealing some unnecessary regulations, e.g. improving the operation of heritage consent regimes without reducing necessary protections.
This important new Bill aims to cut the costs of doing business in Britain and remove regulatory burdens that currently inhibit innovation. It aims to boost consumer and business confidence and help the private sector create jobs.