Queen’s Speech announcements for business

Business Comments Off on Queen’s Speech announcements for business

The Government’s plans for the new parliamentary session were outlined last month in the Queen’s Speech. Proposals of interest to businesses included those around national insurance contributions, patents and deregulation:

  • Employment allowance: under the National Insurance Contributions Bill, businesses and charities will be entitled to a £2,000 allowance towards their employer national insurance contributions (NICs) costs. The same bill will also prevent businesses from using offshore companies to avoid paying NICs
  • High speed rail links: plans for the Government to build a new high speed rail link between London, Birmingham, Manchester and Leeds
  • Patents: the Intellectual Property Bill will streamline patent and design protection laws, allowing a single patent application to be valid in almost all EU countries and introduce criminal penalties for those who breach design rules
  • Water suppliers: Businesses, charities and public-sector customers will be able to switch their water supplier under the Water Bill in order to increase competition
  • Consumer rights: Under the Draft Consumer Rights Bill, Trading Standards will be given new powers to order traders to pay compensation when a consumer law is breached
  • Deregulation: The Draft Deregulation Bill will continue to reduce red-tape for businesses, including minimising health-and-safety regulations.

Please contact Peter Taaffe if you think you or your business may be affected be any of the new Bills.