By Marcus Leach
The Queen's Speech today (Wednesday) outlined a host of new measures aimed at boosting economic growth.
The government announced proposals to increase shareholder power, particularly regarding executive pay, as well as launching a Green Investment Bank to provide investment in environmental initiatives.
According to the Queen, the Enterprise and Regulatory Reform Bill would "create the right conditions for economic recovery".
It would also "reduce regulatory burdens and improve business and consumer confidence", she added.
Business Secretary Vince Cable said the proposed changes are vital to ensure a return to economic growth.
“Securing economic growth through business investment and trade is absolutely essential to recovery," he said.
"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 Bills:
The Enterprise and Regulatory Reform Bill, which would:
- 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 to help accelerate private sector investment in the UK’s transition to a green economy;
- 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.
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.
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