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26 Jun 2006 : Column 71W—continued

Company Law Reform Bill

Mr. Djanogly: To ask the Secretary of State for Trade and Industry what estimate he has made of the likely changes in costs to business arising out of implementation of the provisions of the Company Law Reform Bill as amended by the House of Lords. [79004]

Margaret Hodge [holding answer 20 June 2006]: Against direct benefits of between £160 million and £340 million per annum there are a small number of provisions in the Bill that might in principle increase compliance costs. The direct costs associated with the Bill are expected to be in the range £8 million to £47 million. This is an increase of £6 million to £36 million on the estimated direct costs associated with the Company Law Reform Bill on introduction in the Lords (£2 million to £11 million).

The additional costs of £6 million to £36 million are associated with the amendments to the “Exercise of Members' Rights” provisions made in the House of Lords. The direct cost estimates have been provided by stakeholders and are sensitive to assumptions such as the percentage of indirect investors opting to exercise rights. We will seek to revise those amendments during consideration of the Bill in the House of Commons.

Energy Efficiency

Mr. Drew: To ask the Secretary of State for Trade and Industry what assessment he has made of the potential effects on business and employment in the UK of an increase in market penetration in energy efficiency and new measures by UK companies. [80018]

Malcolm Wicks: Improvements in energy efficiency have the potential to reduce business energy bills which should help increase companies' competitiveness, giving scope for increased employment.


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