Economic Strategy Bill (HL Bill 51)
A
BILL
TO
Make provision for the support of the United Kingdom’s business sector; and
the development of an industrial and retail strategy.
Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and
consent of the Lords Spiritual and Temporal, and Commons, in this present
Parliament assembled, and by the authority of the same, as follows:—
1 Duty on the Secretary of State to support the business sector
(1)
The Secretary of State has a duty to support businesses in the United Kingdom
in adapting to long-term changes in the economy.
(2)
In meeting the duty under subsection (1) the Secretary of State must consult
5with the business sector to identify changes affecting businesses and the
economy that pose a risk to the future prosperity of—
(a) businesses in the United Kingdom, and
(b) employees of businesses in the United Kingdom.
2 Industrial strategy
(1)
10Within six months of the day on which this Act is passed, and once in each
subsequent 12 month period, the Secretary of State must publish, and lay
before both Houses of Parliament, a report on a strategy to support industry in
the United Kingdom.
(2) The report must include information on—
(a)
15long-term trends that are likely to impact either positively or negatively
on each segment of the industrial sector and the Government’s planned
response to these trends;
(b)
what financial support the Secretary of State considers to be necessary
to support each segment of the industrial sector;
(c)
20new or planned legislation or regulations that could have an impact on
each segment of the industrial sector;
(d)
the impact of changes in the economy or in public policy that could
have an impact on businesses in each segment of the industrial sector;
Economic Strategy BillPage 2
(e)
skills training within each segment of the industrial sector and the
Government’s planned response to any skills shortage identified.
3 Retail strategy
(1)
Within six months of the day on which this Act is passed, and once in each
5subsequent 12 month period, the Secretary of State must publish, and lay
before both Houses of Parliament, a report on a strategy to support the retail
sector in the United Kingdom.
(2) The report must include information on—
(a) the impact of new technology and automation on the retail sector;
(b) 10changes in the—
(i) total number of people, and
(ii) percentage of people when compared to other business sectors,
employed within the retail sector and the reasons for these changes;
(c)
the competitiveness of the United Kingdom’s retail sector in stores and
15online;
(d)
the impact of taxation, in particular non-domestic rates, on the retail
sector;
(e) training and development opportunities within the retail sector; and
(f)
the skills that are required to ensure the competitiveness of the retail
20sector.
4 Extent, commencement and short title
(1) This Act extends to the whole of the United Kingdom.
(2)
Sections 1 to 3 of this Act come into force on such a day as the Secretary of State
may, by regulations made by statutory instrument, appoint.
(3) 25This section comes into force on the day on which this Act is passed.
(4) This Act may be cited as the Economic Strategy Act 2016.