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The Government's draft Consumer Rights Bill has the potential to consolidate, simplify and modernise consumer law however issues and inconsistencies must be resolved. The current proposals would apply a statutory right that services under a contract must be provided with reasonable care and skill [a fault-based standard]. This does not provide sufficient consumer protection. The Draft Bill should require that services must achieve the stated result, or one which could be reasonably expected [an outcomes-based standard]. As the Bank of Ireland case demonstrated, the right to terminate a contract does not necessarily protect consumers from detriment. This report recommends an addition to the grey list - the indicative list of contract terms which may be regarded as unfair. The Government's proposals for enhanced consumer measures, which would require traders that have breached consumer law to compensate consumers, are welcome. However, private enforcers should also be able to use them. The collective proceedings regime has the potential to improve access to redress for victims of competition law breaches but the Government must clarify the certification requirements for such proceedings. The creation of rights and remedies for digital content is welcome, but the Government must do more to communicate how the proposals will work in practice. Under the draft Bill, the remedies available to consumers of digital content would depend on whether the content is intangible (such as a music download) or tangible (such as a CD). In appropriate circumstances, consumers should have the right to reject and obtain a refund irrespective of whether they purchase intangible or tangible digital content
The Government's draft Consumer Rights Bill has the potential to consolidate, simplify and modernise consumer law however issues and inconsistencies must be resolved. The current proposals would apply a statutory right that services under a contract must be provided with reasonable care and skill [a fault-based standard]. This does not provide sufficient consumer protection. The Draft Bill should require that services must achieve the stated result, or one which could be reasonably expected [an outcomes-based standard]. As the Bank of Ireland case demonstrated, the right to terminate a contract does not necessarily protect consumers from detriment. This report recommends an addition to the grey list - the indicative list of contract terms which may be regarded as unfair. The Government's proposals for enhanced consumer measures, which would require traders that have breached consumer law to compensate consumers, are welcome. However, private enforcers should also be able to use them. The collective proceedings regime has the potential to improve access to redress for victims of competition law breaches but the Government must clarify the certification requirements for such proceedings. The creation of rights and remedies for digital content is welcome, but the Government must do more to communicate how the proposals will work in practice. Under the draft Bill, the remedies available to consumers of digital content would depend on whether the content is intangible (such as a music download) or tangible (such as a CD). In appropriate circumstances, consumers should have the right to reject and obtain a refund irrespective of whether they purchase intangible or tangible digital content
The rapid expansion of the payday loan sector has been accompanied by a significant increase in the number of people experiencing serious debt problems which suggests people should think carefully before taking out such loans. Furthermore the number of payday loan adverts seen by 4-15 year olds has increased from 3 million in 2008 to 596 million in 2012. The Committee's recommendations include: all payday loan companies should be required to resubmit their affordability tests to the FCA for approval before they can continue in the sector and the FCA should make clear that if real-time data sharing has not been established by July 2014 it will mandate its use as a condition of trading in the sector; a limit should be set of one roll-over per payday loan; Payday lenders should be required to give 3 working days notice before using a continuous payment authority [CPA] and each notice should set out the right of a customer to cancel the CPA; the FCA should discuss with the Information Commissioners Office how texts on payday loans could be disaggregated to identify the extent of bad practice and if this evidence base demonstrates inappropriate targeting or marketing, the FCA should move to ban all brokering of payday loans through email, texts and other personal mobile devices; when payday loans come under the authority of the FCA, they will be subject to a levy which should be ring fenced by the Money Advice Service solely for the funding of front-line debt advice services
The Committee calls for a wholesale review that goes beyond the administration of business rates to examine whether retail taxes should be based on sales rather than the rateable value of a property; whether retail needs its own system of business taxation; and how frequently revaluations should take place. In the interim, the Committee calls for a six months business rates amnesty for businesses occupying empty properties. This would go further than the 50% reduction announced in the Autumn Statement and would encourage new businesses to the High Street. The Committee also recommends that in the interim the Government review whether business rates are more appropriately linked to CPI or RPI and calls for annual increases to be linked to a 12 month average of either RPI or CPI, with a cap at 2%. This would replace the current link to a monthly snapshot of RPI. The Government should provide information on how and how much of the money allocated to the Portas Pilots is being spent. This follows concerns that much of the money allocated to the pilots has not been spent. The Government is also urged to outline the results of its latest STEM skills analysis and outline the action it will take to tackle any skills shortages. The retail sector also needs to encourage more staff to be trained at Apprenticeship Level 3 and above, and consider developing language skills to enhance the international consumers' experience
There will always be those who lose out when a company goes into administration and cannot cover all of its debts. However, the current system does not represent the appropriate balance, since those who have given secure credit to a company are cushioned from the full impact of an insolvency, because the losses are borne by those who work for a company on a self-employed basis, or as contractors or suppliers. Under the current rules it is clearly in the financial interest of a company to break the law, and ignore the statutory redundancy consultation period, if the fine for doing so is less than the cost of continuing to trade, especially since this fine will anyway be paid by the taxpayer. However, while the financial calculation is simple, ignoring the consultation period has a high human cost that appears not to have featured in the decision making process at City Link. Employees were denied a reasonable notice period in which to seek alternative employment and instead, at a time of financial uncertainty, have to pursue a court claim for lack of consultation if they wish to be compensated. While there were differences of opinion as to whether or not City Link could be made viable, and the desired level of return could be achieved, the Committees regret that Better Capital felt its investors' interests could only be protected at the expense of the future of City Link and continued employment for its workers
The Transatlantic Trade and Investment Partnership is an ambitious attempt by the European Union and the United States to deliver a comprehensive trade and investment treaty. Negotiations between the two are currently underway and the Government hopes that an agreement can be reached by the end of 2015. The trade deal may be beneficial to the UK and EU economies but TTIP is not universally supported and the level of financial benefit to the UK is open to question. The lack of detail available on the negotiations means that it is difficult to assess which is the more accurate argument. However, this should not excuse the quality of debate which we have, on occasion, observed by campaigners and lobbyists on both sides of the argument. Everyone involved in the debate on TTIP - campaigners,lobbyists, the UK Government and the European Commission - must ensure that an evidence-based approach is at the heart of any TTIP debate. One of the key concerns about TTIP is the proposal to include Investor State Dispute Settlement (ISDS) provisions. These provisions - common in bilateral trade agreements - aim to protect foreign investors from illegal interference by the host government. However, campaigners have argued that such clauses could allow US healthcare investors to force the permanent privatisation of the NHS. Although this view has been rebutted repeatedly by the European Commission and the UK Government, until draft clauses are published, it will be difficult for them to convince those with concerns.
Helping British businesses to thrive and grow is vital to the UK's long-term economic prosperity. The Government's ambition is for the UK to be one of the best places in Europe to start, finance and grow a business. In order to facilitate this, the Government offers support to business in accessing finance, promoting exports, developing manufacturing and encouraging growth at a local level. The Committee's inquiry considered the wide range of support that is on offer, and in particular those support programmes run by the Department of Business, Innovation and Skills. Access to finance is fundamental to the success of business of all sizes. However, the Committee heard varying evidence about the availability of finance, in particular for SMEs. Too many business still report that they find it difficult to get the financial support they need. By drawing on the British Business Bank's expertise, the Government should be able to develop a better understanding of the blockages in the system, why they occur, and whether changes in regulation or funding are needed to address them. The British Business bank also has a clear role to play in enhancing SME access to finance though clearly signposting the services available from alternative finance providers. In particular, it should develop a menu of alternative finance providers for each different area of financial support.
Extractive companies contribute directly to the UK in a number of ways. Both domestic companies and global companies listed in London contribute through taxes, dividends, licenses and the employment of British workers. The size of the UK's domestic extractive sector is well below its historical peak. However, the Government has expressed support for the enlargement of the UK's domestic extractive and the United Kingdom Trade and Investment is doing good work to promote the United Kingdom as a base for extractive companies to do business with the rest of the world. However, the extractive sector is not without controversy, particularly when one considers reports of poor practice around the world. The UK is at risk of being associated with some of the negative practices often reported alongside the sector. To counter this, more needs to be done to improve to social and environmental performance, transparency and reputations of the companies it hosts and both industry educational institutions and Government must promote and excite the next generation of extractive workers. This should be done by encouraging more British students to study STEM-related subjects, engage with industry to encourage and promote mining as a rewarding and exciting career and encourage large mining companies to support the UK as a base for mining through funding and resources.