News story: CMA updates competition law risk short guide

An updated risk guide for senior managers, directors and their advisers on how to avoid breaking competition law.

The guide was developed as a joint project with the Institute of Risk Management (IRM) and follows the first case of a director being disqualified after their company broke competition law.

In December 2016, a managing director of an online poster supplier gave an undertaking not to act as a director of any UK company for 5 years after their company was found to have been part of an online price-fixing cartel.

Alongside the updated risk guide the CMA has also published a one-page 60-second summary looking specifically at director disqualification with advice for company directors.

David Currie, CMA Chairman, said:

I am delighted that we are working with the IRM again to put the spotlight on the significant risks companies and their directors face if they don’t play by fair rules in business. Company directors have a special responsibility to be well-informed about their company practices and have a critical role to play in ensuring a business complies with the law.

In light of this I want to see anti-competitive behaviour taken as seriously by UK businesses and boards as the risks around bribery, fraud, health and safety and cyber crime.



BCC comments on public sector finances for December 2016

Commenting on the public sector finances for December 2016, released today by the Office for National Statistics, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“The continued, albeit modest, monthly declines in public sector borrowing are encouraging and mean that the government remains on course to meet the OBR’s forecast for 2016/17, as set out in the Autumn Statement.

“The UK’s fiscal position, which was weakened significantly by the financial crisis, is likely to come under increasing pressure in the near-term if UK economic growth weakens as expected. A slowing economy would further restrict the UK’s capacity to collect enough tax revenue to consistently achieve deficit reduction in the coming years.

“More needs to be done to boost business confidence, to help firms to deliver the sort of growth, investment and job creation needed to achieve a sustainable strengthening of the UK’s tax base.”

Ends

 

Notes to editors:

 The British Chambers of Commerce (BCC) sits at the heart of a powerful network of 52 Accredited Chambers of Commerce across the UK, representing thousands of businesses of all sizes and within all sectors. Our Global Business Network connects exporters with nearly 40 markets around the world. For more information, visit: www.britishchambers.org.uk

Media contacts:

Allan Williams – Senior Press Manager

020 7654 5812 / 07920583381

Orla Hennessy – Press and Communications Officer

020 7654 5813 / 07825746812



The Government has today been forced by the Supreme Court to accept the sovereignty of Parliament – Jeremy Corbyn

Jeremy
Corbyn MP, Leader of the Labour Party, responding to this morning’s judgment
from the Supreme Court that Parliament must give its approval to trigger the
process of leaving the EU, said:

“The
Government has today been forced by the Supreme Court to accept the sovereignty
of Parliament.

“Labour
respects the result of the referendum and the will of the British people and
will not frustrate the process for invoking Article 50. 

“However,
Labour will seek to amend the Article 50 Bill to prevent the Conservatives
using Brexit to turn Britain into a bargain basement tax haven off the coast of
Europe.

“Labour
is demanding a plan from the Government to ensure it is accountable to
Parliament throughout the negotiations and a meaningful vote to ensure the
final deal is given Parliamentary approval.“



Press release: Supreme Court ruling on Article 50: statement

A statement was issued following the ruling today (24 January 2017).

A government spokesperson said:

The British people voted to leave the EU, and the government will deliver on their verdict – triggering Article 50, as planned, by the end of March. Today’s ruling does nothing to change that.

It’s important to remember that Parliament backed the referendum by a margin of 6 to 1 and has already indicated its support for getting on with the process of exit to the timetable we have set out.

We respect the Supreme Court’s decision, and will set out our next steps to Parliament shortly.



BCC comments on Supreme Court judgement

Commenting on the judgment of the Supreme Court on the triggering of Article 50, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), said:

“The practical impact of this ruling, not the political intricacies, is what interests business communities across the UK. What businesses will want to know is whether this ruling will affect either the terms of the government’s approach, or the timeline that firms across the UK have been told to expect. 

“Businesses will also want to see action to ensure that this further political wrinkle does not add further to the volatility of exchange rates.”