In her speech at the official state opening of Parliament, the Queen outlined the government’s plans for the forthcoming year, including the Enterprise and Regulatory Reform Bill.
The Bill, which will be considered during the next session of Parliament, will make it easier for businesses to manage their relationships with employees due to an overhaul of the tribunal system.
In additional to higher costs for bringing cases against former employers to tribunal, those looking to make claims for unfair dismissal will need to attend a dispute resolution service first.
Furthermore, the new legislation will look to improve the competitiveness of British businesses by strengthening the anti-competition regime and improving the speed and predictability of outcomes.
The Bill will also give shareholders a binding vote on future executive pay, speed up the UK’s transition to a green economy – which includes setting out the purpose of the Green Investment Bank – and repeal any unnecessary legislation to reduce the burden on businesses.
Commenting on the new legislation, business secretary Vince Cable said: “Securing economic growth through business investment and trade is absolutely essential to recovery.
“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.”
For more information on any aspects of employment law relating to your business, please contact Karl Barnes or Lara Murray.