The Queen Announces That Restraints On Business Will Be Cut
A initiative was launched to relieve the restraints on the industries that deals with fracking and house building and this was announced in the Queens’s recent speech which are apparently aimed at stimulating business. With the passing of this bill it will now be possible for shale gas explorers to enter any private property and drill there without the consent of the owner. The aim of this legislation is apparently to make Britain independent form foreign energy providers.
The bill also give house builders and developers more powers to proceed without the consent of councils if they are dragging their feet in finalizing the required details, their goal is to address the high demand for new properties. These bold measures were received very favorably by business lobby groups. Despite the obvious uncertainty and problems associated with fracking this practice is nevertheless essential and there is widespread support for the progression of these plans.
Concerning the legislation concerning housing there is a general consent that it is absolutely necessary in order remove the unnecessary bottlenecks in the housing system and it is seen as necessary to speed up the supply of new homes. It is generally agreed that been a developer in the old system was a never ending frustration since councils took forever to get the process going, but now that these problems are a thing of the past there are hope that the lingering housing problems will soon be a thing of the past.
The Business, Enterprise and Employment Bill was just as well received, since there is a general consensus that it will do a lot to boost small businesses and it will simplify the financing process. The slow paces at which large companies pay their bills are also under shot and there are the plans to make the make the Government’s public procurement contracts more accessible. The credit arrangement for small businesses will stimulate recovery and therefore there is wide spread support for this legislation.
There is also pressure on banks to refer customers to other lenders so that the stranglehold that they have on economic growth may be broken, the new legislation now makes this possible. Therefore all small businesses will now have access to alternative lenders for necessary loans and there is no doubt that this move will do a lot to stimulate the economy. The focus of the Queen’s Speech was on reform and its purpose was to target ineffective practices that were holding the economy in a strangle hold.
Some other issues that are included in the new legislation is two pension bills which are aimed at the improving of the pension schemes, while other measures are taken to enforce the National minimum wage more strictly. The new legislation might well be one of the best stimulants of the economy in the last couple of years and there is widespread satisfaction with this new legislation and the effects that it is expected to have on the British economy. Many sectors of the economy are expected to benefit from this new legislation.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.