queen’s speech

Government to Force Banks to Forward Small Businesses to Alternative Finance Providers

George Osborne and Vince Cable are preparing to push through legislation that will force high-street banks to automatically send small businesses rejected for loans to alternative funding companies. According to the Telegraph the legislation, which is to be included in the Queen’s speech on June 4, is designed to change the bank’s dominant position in small business lending and boost the role of alternative finance, such as crowdfunding and peer-to-peer lending. Osborne made it clear in his 2014 budget speech that small and mid-sized businesses will play a vital role in the economy’s future and the treasury feel that banks’ dominance is having a negative effect on the growth of this sector. According to the Telegraph the chancellor and other key government members are determined to passing... »

Business Support and Flexible Working Reforms in Queen’s Speech

Plans to extend the right to request flexible working to all employees and to reform the government’s business support network, were the key measures for small firms in the Queen’ Speech. The Queen’s Speech contained 22 Bills, including planned legislation to cut the budget deficit, invest in high-speed broadband, create a Green Investment Bank to support investment in low-carbon projects and raise employers’ National Insurance Contributions from April 2011.  Flexible working reforms were also announced. Currently, only employees with children aged up to 16, or disabled children up to 18, have the right to request flexible working. But under the Government’s proposals, all employees will have the right to request flexible working. The Department for Busin... »

SMEs Lose Out in Queens Speech

SMEs Lose Out in Queen’s Speech

Queen’s speech in brief — Bills affecting business: Equality Bill: businesses with more than 250 employees will have to report on gender differences on pay and publish the results. Agency workers to be given equal treatment with permanent staff after 12 weeks in a job. Digital Economy Bill: universal broadband to be introduced. Bribery Bill: makes it an offence if businesses fail to prevent a bribe being paid by an employee.   Economic recovery and growth were the leading themes in this year’s Queens’ Speech, but the small business sector was largely overlooked in the Government’s legislative programme. Key measures included a curb on City bonuses and plans to tackle inequality of pay between men and women working in large firms. The speech also unveiled ... »

Queen’s Speech Warns Firms of Corruption

Businesses need to take extra care when new laws come in, says leading compliance firm.  The Queen’s Speech on Wednesday (18th November) will contain proposals for severe new penalties for firms which fail to prevent corruption taking place. The Bribery Bill, one of the key pieces of the government’s planned legislation, will force businesses to put in place new systems and controls. Complinet, a company providing compliance solutions, says firms continue to face real challenges in demonstrating compliance. In particular, the Bribery Bill will mean financial services firms will face the prospect of legal action by the Financial Services Authority. The FSA has already warned that monitoring of third-party relationships and payments is generally ‘very weak’. Chri... »