Status of the bill: In Progress
Main purpose of the bill: To create the right conditions for economic recovery by strengthening the business environment, reducing regulatory burdens and improving business and consumer confidence.
Main points of the bill:
Reforms competition law to promote enterprise and fair markets; creates a single Competition and Markets Authority (CMA) by bringing together the Competition Commission (CC) and the competition functions of the Office of Fair Trading (OFT).
Establishes a Green Investment Bank operating independently of Government to accelerate private sector investment in the transition to a green economy.
Overhauls the employment tribunal system and provides options outside the tribunal process to encourage early resolution to workplace disputes.
Strengthens the framework for setting directors’ pay and shareholder power so they can hold companies to account.
Reduces inspection burdens on business by extending the Primary Authority scheme, and strengthens the legal framework for sunset clauses on regulation.
Repeals unnecessary legislation to help save businesses time and money.
Progress of the bill:
The Enterprise and Regulatory Reform Bill was announced in the Queen's Speech on 9th May 2012.
First Reading: 23.05.12 Second Reading: 11.06.12 Committee Stage: 19.06.12 21.06.12 26.06.12 28.06.12 03.07.12 05.07.12 10.07.12 12.07.12 17.07.12 Report Stage: 16.10.12 17.10.12 Third Reading: 17.10.12
First Reading: 18.10.12 Second Reading: 14.11.12 Committee Stage: 03.12.12 05.12.12 10.12.12 12.12.12 18.12.12 09.01.13 14.01.13 16.01.13 28.01.13 31.01.13