Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps the Department is taking to ensure audit requirements are (a) accessible and (b) affordable for small and mid-sized quoted companies.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
Audit standards for UK companies are adopted and set by the Financial Reporting Council (FRC), with reference to internationally-agreed standards. The law sets other requirements, such as which companies require audit.
The Government will publish a draft Audit Reform and Corporate Governance Bill. The Bill will include provisions for transitioning the FRC into a new regulator, the Audit, Reporting and Governance Authority (ARGA), with powers to monitor and address the resilience of the audit market. The Government is also considering the case for deregulatory changes to the audit of public interest entities (PIEs), which include all listed companies.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will make an estimate of the proportion of economic growth that will be created by small and medium-sized enterprises in the next five years.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
Small and Medium Enterprises make a significant contribution to economic growth, they currently represent 99.9% of the UK’s business population, account for 16.7 million jobs (61% of total UK employment), and generate £2.4 trillion in annual turnover (53% of the total) for the UK economy. We continue to expect Small and Medium Sized enterprises to significantly contribute to UK growth.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps his Department is taking to help support the growth of small and medium-sized enterprises.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
Small businesses are the beating heart of our communities. The Government will boost small business growth and productivity by delivering upon the commitments within Labour’s Plan for Small Business published prior to the election.
On 19th September 2024, we announced new measures to tackle the scourge of late payments and long payment terms. We are providing access to the support and finance needed to scale-up and to break into new markets. We are also transforming the apprenticeships levy into a new growth and skills levy, offering greater flexibility for learners and employers, including shorter duration apprenticeships in targeted sectors.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps the Department is taking to improve the requirements for annual reporting for small and mid-sized quoted companies.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is reviewing non-financial reporting requirements and company size thresholds to simplify, streamline and reduce reporting obligations for all companies. Small quoted companies will benefit from the removal of unnecessary and duplicative reporting. However the Government believes that small quoted companies should provide enhanced transparency compared to similar sized private companies. Accountability and transparency are necessary to protect investors and maintain trust in financial markets.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the report entitled Labour's Plan to Make Work Pay, published on 24 May 2024, when he plans to bring forward legislative proposals to implement the policies set out in that report.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is committed to delivering the Plan to Make Work Pay in full. The Employment Rights Bill will be introduced within the first 100 days in Government and will play a key role in delivering aspects of the Plan to Make Work Pay.
Ministers are identifying the most appropriate delivery mechanisms for all the Make Work Pay measures.
Work is already underway deliver measures through non-legislative routes.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether he plans to (a) increase the level and (b) promote the use of trade union facility time in the private sector.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is committed to ensuring there is sufficient facilities time for all trade union representatives, in both the public and private sector, so that they have capacity to represent and defend workers, negotiate with employers and conduct training.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what services are outsourced by his Department.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The department outsources direct support to businesses through our Business Support Helpline and through our Export Support Service in specific international markets, alongside mediation services related to responsible business behaviour. The department also funds outsourced legal advice and support to those postmasters affected by the Post Office IT issues.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether it is his policy that trade unions should be able to initiate industrial action across all employers in a sector subject to collective bargaining.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is committed to bringing in a new era of partnership that sees employers, unions and Government work together in co-operation and through negotiation – putting an end to the worst strikes chaos seen in decades under the previous administration. The Employment Rights Bill will be introduced in the first 100 days in Government and will play a key role in delivering aspects of the Plan to Make Work Pay. This will include legislation on sectoral collective bargaining, with Adult Social Care being the first sector for this to be introduced
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the Government's plans to legislate on employment law within 100 days, what his planned timetable if for consulting on those legislative proposals.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is committed to delivering the plan to Make Work Pay in full. The Employment Rights Bill will be key to delivery and we are committed to introducing this legislation to improve the rights of workers within 100 days.The details of this are in rapid development
Some parts of the plan to Make Work Pay will take longer to review and implement. Work is underway to prepare consultations on several aspects of the plan. There are also parts of the plan that will not require primary legislation to implement. Ministers are identifying the most appropriate delivery mechanisms for the commitments in the plan and are committed to carrying out full and comprehensive consultation on the implementation of the plan to Make Work Pay.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, how many separate Government consultations are planned to support implementation of the proposals relating to worker's rights; and what the planned scope of each consultation is.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is committed to delivering the plan to Make Work Pay in full. The Employment Rights Bill will be key to delivery and we are committed to introducing this legislation to improve the rights of workers within 100 days.The details of this are in rapid development
Some parts of the plan to Make Work Pay will take longer to review and implement. Work is underway to prepare consultations on several aspects of the plan. There are also parts of the plan that will not require primary legislation to implement. Ministers are identifying the most appropriate delivery mechanisms for the commitments in the plan and are committed to carrying out full and comprehensive consultation on the implementation of the plan to Make Work Pay.