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News - 4 June 2014

Queen’s speech offers business a boost
The coalition government has announced, in the Queen's Speech, a series of measures and insists it is delivering big reforms, although only 11 new bills are included, that it said were "unashamedly pro-work and pro-business".
 
Included in a raft of bills were proposals to make it easier for small businesses to access finance and remove red tape. It will also include measures to ensure larger companies pay small business owners promptly for work they do for them.
 
There will also be measures to tackle zero-hours contracts and national minimum wage abuses.
 
A corporate ownership bill will make it easier to punish rogue company directors by increasing the period for which they can be disqualified and awarding compensation to victims.
 
The Small Business, Enterprise and Employment bill will put forward proposals to give small business owners fairer access to compete for £230bn worth of annual public procurement contracts.
 
Some childcare regulations will also be made more flexible.
 
Lavinia Newman, founder of ABDS comments:
“The Queen's Speech put the economic recovery at its centre, opening with a pledge to continue bringing down the deficit and cutting taxes "to increase people’s financial security", and placed a house building drive, tackling pensions and a commitment to EU reform on the agenda for the coalition in its last year.”
 
Terry Scuoler, chief executive of EEF, the manufacturers' organisation, welcomed what he said were "a number of pro-growth and pro-work policies".
 
Katja Hall, deputy director-general of the CBI, said changes to make it easier for small businesses to tender for public sector contracts were much needed. She also said the CBI backed measures to put pressure on companies who failed to pay suppliers promptly.
 
However, Labour leader Ed Miliband said: "We would have a Queen's Speech with legislation which would make work pay, reform our banks, freeze energy bills and build homes again in Britain.”
 
Pension reforms set out in George Osborne's Budget, which would mean pensioners will no longer be forced to buy annuities with their savings, were also included along with a Recall Bill which could see voters given the power to sack MPs guilty of serious misconduct.
 
Other measures include:
  • 5p charge for plastic bags
  • Powers to allow fracking firms to dig under private property without asking
  • Parents to face jail for emotional cruelty to children in new Cinderella Law
  • Pledge to fight to keep Scotland in the union
  • Limit to excessive redundancy payouts for public sector workers
  • Tougher sentences for people traffickers
  • Free school meals for infants
  • Fines for employers who do not pay the minimum wage
  • £2,000 childcare vouchers for working parents
 
For those who are looking for a more personal approach on a range of business related issues, contact us at ABDS.
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

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