The proposals put forward a ‘sound and credible’ means by which the UK can achieve higher levels of sustainable growth, according to the minister.
Johnson said: ‘The government wants an enterprising economy that makes the UK the best place in the world to do business.’
The insolvency white paper, ‘Insolvency – a second chance’, proposes reforms to bankruptcy laws toughening penalties for dishonest bankrupts but lessening restrictions for people who become bankrupt through no fault of their own.
It also promises a new modernised financial regime with increased transparency and simplicity and the removal of crown preference, where government agencies get paid first from of the proceeds of insolvency.
There will also be an increased restriction of the use of administrative receivership and a reform of administration laws to make it a quicker simpler process.
The competition white paper proposes to strengthen the power of consumers by introducing a ‘super-complaints’ system in which the public, through named consumer bodies, will be able to complain to the Office of Fair Trading about markets that are not operating properly.
It will also give strong deterrents against anti-competitive behaviour, making the setting up of cartels an imprisonable offence. The white paper also promises to take politics out of competition decisions by giving competition authorities, rather than ministers, the right to rule on mergers and acquisitions.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.