This year the Queen's speech was read by Prince Charles. At the opening of parliament, Prince Charles announced 38 bills that Prime Minister Boris Johnson intends to become law during the current parliament.
There has been an increase in the number of bills this year, and they cover a wide range of upcoming government policies. However, it is worth noting that the long-awaited Employment Bill is absent. In 2019, the government announced that it would bring forward a new Employment Bill to improve people’s rights at work. But, despite committing to the bill on previous occasions, ministers have shelved the legislation.
Here is a look at some of the HR-related bills:
Economic Crime and Corporate Transparency Bill
Any individual running a UK registered firm will have to provide and verify their identity to Companies House. In addition, law enforcement agencies will be given powers to enforce rules and seize crypto assets often used in ransomware attacks. IHRS previously wrote about cyber fraud and crimes in an article published in April.
Modern Slavery Bill
To prevent modern-day slavery through increased transparency, all companies with a turnover of £36 million or more will have to publish an annual report on the steps they have taken to prevent modern slavery in their operations and supply chains. Therefore, a copy of your modern day slavery policy should be available on your firm's website.
Electronic Trade Documents Bill
Electronic documents for international trades between businesses will be put on the same legal footing as paper. The bill is predicted to save businesses five per cent on transaction costs.
Financial Services and Markets Bill
The Prime Minister unveiled a crackdown on internet scams and said he'll replace all EU financial services legislation with bespoke British rules to boost the City.
To read the Queen’s Speech 2022 in full, go here: https://www.gov.uk/government/speeches/queens-speech-2022
If you need assistance or advice on any of the above, please get in touch with a member of the IHRS team. Email HRhelp@ihrsolutions.co.uk, call 01604 709509 or visit our website.