Legislation / Legal
CO: New laws enabling government departments to share information on people & businesses that owe them money will be introduced. In February, the Cabinet Office’s Fraud, Error and Debt Taskforce, published the first ever review of debt owed to central government which found that over £20bn was owed to government and that more than £7bn was lost through unpaid debt being written off each year – that's equivalent to over £400 per working household every single year.
The plan to legislate comes after a study revealed that debtors owed money to multiple departments. The new law will make it easier for departments to share appropriate & proportionate information, allowing them to understand debtors’ circumstances so that more effective and intelligent action can be taken to recover money & reduce losses. Debtors who try to beat the system will find it much harder while those in genuine hardship will get the support they need to clear their debt.
HMT: The Government has published draft legislation to implement key elements of the Independent Commission on Banking’s recommendations. The draft Banking Reform Bill, which will now be scrutinised by the Parliamentary Commission on Banking Standards, prior to its formal introduction into Parliament, delivers on the Government’s timetable for implementation of the ICB’s recommendations, as set out in the June 2012 White Paper.
The Government remains on track to have all legislation in place by the end of this Parliament. Banks will be required to comply with all aspects of the ICB’s recommendations from 2019.
No. 10: The new Growth & Infrastructure Bill brings together a range of measures that are expected unlock billions of pounds worth of investment and create thousands of jobs.