<\/p>\n
The King\u2019s Speech delivered a new legislative programme<\/p>\n
Speeding up competition issues and easing other regulatory burdens feature in the new legislative programme announced in the King\u2019s Speech. <\/p>\n
Bills to boost growth in the financial services sector, tackle late payments and build closer ties to the EU have been welcomed as measures that will boost growth and reduce the cost pressures on businesses.<\/p>\n
The government has confirmed it will update the ring-fencing regime that separates retail banking activities from investment.\u00a0Banks have branded the\u00a015-year-old legislation \u201credundant\u201d.<\/p>\n
There is emergency legislation to nationalise British Steel, which is based in Scunthorpe, employs 2,700 people and owns the UK\u2019s last remaining blast furnaces.\u00a0<\/p>\n
However, there was disappointment at no mention of long-promised business rates reform and concern from the oil & gas community that the government will not allow new licences in the North Sea.<\/p>\n
A new Financial Services Bill intends to make the UK more globally competitive by consolidating the regulatory framework, which includes merging the Payment Systems Regulator into the Financial Conduct Authority to reduce fragmentation.<\/p>\n
Gail Boag, CEO of the Institute of Chartered Accountants of Scotland (ICAS), said: \u201cThe UK\u2019s regulatory system needs to be modernised to ensure it is clear, trusted and predictable, and backed by regulators that command confidence.<\/p>\n
\u201cGetting this reform right is essential to maintain the UK\u2019s position as a global financial centre and support long\u2011term, sustainable economic growth.\u201d<\/p>\n
Ms Boag noted that while the UK government must pursue growth, regulation should not be viewed as its enemy, as purposeful design provides the investor confidence that drives the economy.<\/p>\n
Gail Boag: regulation should not be seen as an enemy<\/p>\n
\u201cGood regulation is there to protect the consumer, and also investors, and we should be wary of reform at the cost of accountability and clarity,\u201d she added.<\/p>\n
To further support local finance, the Bill updates the ring-fencing regime and improves membership rules for credit unions, aiming to double the size of the mutual and co-operative sector.<\/p>\n
The\u00a0Small Business Protections (Late Payments) Bill\u00a0will introduce the strongest legal framework in the G7 to address a crisis that costs the UK economy \u00a311 billion annually.<\/p>\n
Late payments currently lead to 38 business closures every day, a figure that totals 14,000 firms a year. The new laws will impose a maximum payment term of 60 days and mandate interest at 8% above the Bank of England base rate for late settlements.<\/p>\n
The Small Business Commissioner will also receive new powers to investigate and fine persistent offenders.<\/p>\n
Colin Borland, Scotland director of the FSB, welcomed the crackdown on big businesses using small suppliers as a \u201cfree overdraft\u201d, noting that 62% of Scottish small firms have experienced late payments in the last three months.<\/p>\n
Susan Love, ACCA Scotland\u2019s engagement lead, added: \u201cAfter highlighting the pernicious problems of late payment for many years, we\u2019re particularly pleased to see proposals for reform moving forward. We hope reform will make a real difference to SME cashflow, better positioning firms to grow and invest.\u201d<\/p>\n
Shevaun Haviland, director\u00a0general of\u00a0the British Chambers of Commerce, said:\u202f\u00a0 \u201cToday\u2019s King\u2019s Speech\u00a0had some\u00a0positives\u00a0for business with\u00a0action to tackle\u00a0late payments,\u00a0simplify trade with the EU\u00a0and strengthen\u00a0apprenticeships.\u00a0<\/p>\n
\u201cThese steps\u00a0can make a real difference to cashflow and confidence on the ground.\u00a0<\/p>\n
\u201cBut there are also significant gaps where the Government has not gone far enough. Businesses will be disappointed to see no clear progress on reforming business rates, which remain a major cost burden for firms across the UK.\u201d<\/p>\n
Rain Newton-Smith, CBI chief executive, said: \u201cAs the country continues to feel the effects of strong global headwinds, businesses were looking for the King\u2019s Speech to put stability, resilience and growth firmly at the heart of the government\u2019s legislative agenda.<\/p>\n
\u201cMoves to strengthen energy security, bolster transport connections and streamline financial services regulation are welcome, as are concrete measures to deepen ties with Europe.\u201d<\/p>\n
However, she added: \u201cFirms want to go for growth, but they need strong leadership from government to reform an unfair business rates system, lower business energy bills, and find appropriate landing zones on the Employment Rights Act.\u201d<\/p>\n
Rain Newton-Smith: strong leadership required (pic: DB Media Services)<\/p>\n
Richard Stone, chief executive of the Association of Investment Companies, said: \u201cIt\u2019s disappointing that the government has missed an opportunity to push forward with the reforms it has promised to enfranchise retail investors.<\/p>\n
\u201cUnfortunately, we are still in a situation where platforms and other nominees can choose whether to pass on company information and voting rights to underlying retail shareholders. <\/p>\n
\u2018The resulting dislocation between companies and their shareholders hands disproportionate power to motivated minority shareholders like Saba Capital.<\/p>\n
\u201cWe will continue to press the government to fulfil its promise to enact the\u00a0Bill of Shareholder Rights\u00a0proposed by the Digitisation Taskforce.\u201d<\/p>\n
SNP Westminster leader Dave Doogan, said: \u201cThis was a typically and massively underwhelming policy agenda from a dismal Prime Minister who promised change but has only delivered chaos.<\/p>\n
\u201cIt does nothing to help families with the cost of living, which has soared under the Labour Party, and it shows why Scotland urgently needs a fresh start with independence \u2013 because real change will never come from Westminster.\u201d<\/p>\n
Scottish Conservative leader Russell Findlay said:\u00a0\u201cLabour\u2019s crazy decision to double down to block new drilling is a kick in the teeth for Scotland\u2019s proud oil and gas workers.<\/p>\n
\u201cDriven by completely unrealistic net zero targets, they are happy to kill off the industry no matter how many jobs are lost or how much it will force up people\u2019s energy bills.<\/p>\n
\u201cBut the SNP are just as culpable because they still oppose new drilling no matter how hard slippery John Swinney tries to dupe people.<\/p>\n
\u201cThe Scottish Conservatives will continue to stand up for our oil and gas workers and fight to save this world-leading sector.\u201d<\/p>\n
\t #Red #tape #late #payments #targeted #bills #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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