UK Government ANNOUNCEMENTS

The British Government Spending Review 2010

On Wednesday 20 October, the British Chancellor, George Osborne, presented the UK Government’s Spending Review, which fixes spending budgets for each Government department up to 2014-15. The Review comes at a time when the State is spending significantly more money than it raises in taxation. Last year, the Government borrowed one pound in every four that it spent; and interest payments on the nation’s public debt each year are more than the Government spends on schools in England.

The scale of the deficit has required the Government to make tough choices in the Review about how taxpayers’ money is allocated. They have prioritised growth, creating the conditions for a private sector-led recovery; building a fairer society, with all contributing to tackling the deficit, protecting the most vulnerable; and reforming public services - improving transparency and accountability, giving more power and responsibility to citizens and enabling sustainable long term improvements in services. For more information about the British Government Spending Review go to the website of HM Treasury.

Bribery Act 2010
The British government has launched a consultation exercise to support the Bribery Act 2010, which relates to guidance about procedures which companies can put in place to prevent bribery. The consultation, which is being led by the Ministry of Justice, will take place until 8 November 2010 and will include a number of open forums being held across the UK in London, Birmingham, Cardiff and Edinburgh. A copy of the full consultation paper is available on the Ministry of Justice website along with details of the open forums, and advice on how to respond to the consultation.

The Companies Act 2006 - Final Implementation

The final provisions of the UK Companies Act 2006 (2006 Act) come into force on 1 October 2009, and the UK Companies Act 1985 will be repealed save for a few minor sections. This alert gives a summary of the key changes coming into force on the final implementation date this week and highlights actions which could be taken by your business to take advantage of the new regime under the 2006 Act.

UK Legal Update - The Companies Act 2006 - Final Implementation (109 KB)