The Department for Business, Innovation and Skills (BIS) and HM Treasury have today published their response to the consumer credit elements of the Government’s Review of Consumer Credit and Personal Insolvency.
The response builds on a number of Coalition commitments to increase transparency and help consumers make better financial decisions when borrowing money and deals specifically with:
* unarranged overdraft charges;
* introductory discounts when taking out a store card;
The Business Secretary Vince Cable today announced that Phil Smith will become the new Chair of the Technology Strategy Board.
Mr Smith is UK and Ireland Chief Executive of technology company Cisco.
Vince Cable said:
The Government has today imposed tough new financial restrictions against Iran which cut off all financial ties with Iranian banks. This follows the International Atomic Energy Agency’s (IAEA) latest report on Iran, which highlights fresh concerns about the possible military dimensions of Iran’s nuclear programme.
A new UCL (University College London) Institute that aims to reduce health inequalities through action on the social determinants was launched today by the Health Secretary Andrew Lansley and Professor Sir Michael Marmot.
Speaking at the international Social Determinants of Health conference, the Health Secretary will set out the Government’s commitment to tackle health inequalities and to support the UCL Institute of Health Equity, which will be led by Sir Michael.
The Secretary of State for Business, Innovation and Skills has presented petitions in the High Court to wind up two companies offering internet banking services and securities dealing services, following an investigation carried out by Company Investigations of the Insolvency Service, under section 447 of the Companies Act 1985.
The Be the Boss scheme for ex-service personnel is being expanded to include all Service-leavers.
The initiative offers business start-up training, grants and loans up to £30,000 as well as mentoring. Funded by BIS and delivered by the Royal British Legion (RBL), the scheme has attracted over 1,000 registrations so far.
Business Minister Mark Prisk said:
Grants to voluntary and community sector organisations that help people with taxes, benefits and tax credits led to additional tax of £16.8m being declared last year, up 68 per cent on the previous year.
The HM Revenue & Customs (HMRC) scheme also led to the take-up of an extra £48.7m in tax credits, benefits and tax repayments, up 70 per cent on the previous year.
Business Minister Mark Prisk today announced new investment to recruit and train an additional 10,000 volunteers to become business mentors.
With funding to recruit and train a further 5,000 mentors as part of a package of support for female entrepreneurs announced earlier this month, as well as almost 11,000 business mentors already available through www.mentorsme.co.uk this investment will bring the total number of business mentors available through the new mentoring portal to around 26,000.
Businesses will be given the power to design, develop and purchase the vocational training programme they need under a £250 million plan announced today by the Prime Minister. The move is designed to boost economic growth and ensure that the UK workforce has the skills that businesses require.
In the New Year employers will be invited to bid for a share of the new £250 million government fund. It will route public investment directly to employers – enabling them to invest in the training they actually need.
Speaking at today’s Association of Colleges Annual Conference, Skills Minister John Hayes set out a vision for a stronger, more flexible and more independent further education sector.
Mr Hayes said that colleges will be given more freedoms to deliver the learning that meets the needs of local people and employers through simplified governance, quality assurance and data management arrangements.
The Government will review the private finance initiative (PFI) and consider other delivery models, the Chancellor announced today. The objective of the review, led by the Treasury, is to create a new model for delivering public assets and services that takes advantage of private sector expertise, but at a lower cost to the taxpayer.
The Government today confirmed that a new small claims service will be introduced at the Patents County Court (PCC), helping small and medium sized businesses protect their copyright, trade marks and designs.
ECGD, the UK’s export credit agency, will now be operating under the name UK Export Finance.
The change of name follows the recent launch of a number of new products in support of the Government’s export drive. These products are targeted at smaller companies who cannot obtain all the support they need from private markets. The new name is to convey more clearly that there is Government help for exporters who are looking for finance.
Business Minister Mark Prisk today announced two new government initiatives to support young people gaining their first experiences of enterprise as he marked the start of Global Entrepreneurship Week at Tottenham Hotspur Football Club.
To support enterprise in schools Government is enhancing online resources for teachers at the Enterprise Village and promoting recruitment of 2,500 local enterprise champions through the Inspiring the Future website.
Hundreds of small businesses will benefit from government investment of £95 million to help boost growth and rebalance the economy, Prime Minister David Cameron announced today.
The funding is expected to create at least 4,000 jobs and unlock around £500 million of new investment by small and medium businesses (SMEs).
The Prime Minister has today announced the extension of film tax relief, the Government’s targeted tax break for the British film industry, until the end of December 2015.
The film tax relief scheme promotes the sustainable production of culturally British films and in 2009/10 provided around £95 million of support to the British film industry, supporting over £1 billion of investment in 208 films.
Commenting on the report by the House of Commons BIS Select Committee, Government Reform of Higher Education, Minister for Universities and Science David Willetts said:
“We are putting student choice at the heart of our higher education system. We welcome the Committee’s acknowledgement of the strengths of the Government’s reforms, such as better information for students, extension of tuition loans to part-time students, and a clear emphasis on widening participation.
A new taskforce targeting scrap metal dealers who are deliberately failing to pay the right amount of tax has been launched today by H M Revenue & Customs.
The taskforce will pursue scrap metal dealers in Scotland and has been set up to tackle tax evasion where the risk is high. It is one of five taskforces announced today that have been set up to tackle tax evasion in different areas of the country.
The new taskforces will target:
Communities whose ambitions for economic growth have been stuck in the mud could benefit from a multi-million pound boost to help get their building projects off the ground.
The £500million Growing Places Fund will be available to help boost economic growth by getting the required infrastructure built to enable the creation of new jobs and homes by getting stalled projects moving again.
Six out of ten people with dementia in England go undiagnosed. This means almost 400,000 people could be going without the vital support the NHS and social care services can offer.
The Government today announced a ground-breaking partnership with 26 major organisations that will see them working together to deliver a new era of consumer empowerment.
The businesses, consumer bodies and regulators involved are all committed to working with Government to achieve its vision for midata, launched today. And all are endorsing the key principle that data should be released back to consumers.
Skills Minister John Hayes today announced a review of the Skills Funding Agency and the statutory post of Chief Executive of Skills Funding.
The Government has committed to undertake a regular evaluation of its key delivery bodies, and to radically increase the transparency and accountability of all public services. This review will be run in line with the Cabinet Office’s Public Bodies Review Programme.
The outcome of the review will be announced in due course.
01 November 2011
Business and Enterprise Minister Mark Prisk today called for a more mature relationship between business and regulators. He also talked about the need for a more accountable and transparent system of local regulation and a simpler regulatory landscape.
Addressing the Local & National Regulators annual conference, Mark Prisk highlighted the importance of regulation in creating economic growth and set out a number of proposals for improving the regulatory landscape, building on the relationship between business and regulators, including:
A Government investment of £950 million will help create and safeguard more than 200,000 jobs across England, the Deputy Prime Minister Nick Clegg will announce today.
The second round of the Government’s £1.4 billion Regional Growth Fund (RGF) will support 119 bids from businesses and local partnerships with projects to expand their operations, create new jobs and attract private investment. Discussions are ongoing with a further 10 bidders about their projects.