Retail and investment banks will be split, employment tribunals curbed and executive pay tackled by new legislation revealed in a Queen's Speech designed to "restore economic stability".
The Coalition said it planned to forge ahead with economic and financial reforms this Parliament, although business leaders said ministers still weren't moving fast enough.
John Longworth, director-general of the British Chambers of Commerce, said the Government "could have been bolder".
"The Banking Reform Bill does not include a fully-fledged British business bank, which we believe is necessary to address the finance gap facing many companies," he said.
"Ministers are wasting parliamentary time on House of Lords reform and other politically-motivated measures, rather than on more support for growth and jobs."
Simon Walker of the Institute of Directors (IoD) said business needed "drastic measures to cut costly regulation and continue to tackle the deficit. Tweaking the edges of the system will not be enough," he said.
The Queen said the Government would introduce legislation including
:• An Enterprise & Regulatory Reform Bill that would make shareholder votes on executive pay binding; curb the number of employment tribunals; introduce more flexible working for fathers; create a Green Investment Bank.
• A Banking Reform Bill to implement the proposals made by John Vickers, chairman of the Independent Commission on Banking, including the separation of retail and investment banking.
• A Groceries Code Adjudicator Bill – a long-awaited measure to prevent supermarkets from squeezing suppliers.
• Bills to overhaul the electricity and water industries. The business leaders cautiously welcomed plans to introduce binding votes on director pay.
John Cridland, director-general of the CBI, said: "Shareholder power is now being felt in the boardroom, and the Government should be careful that new legislation supports accountability to shareholders but does not try to turn them into micro-managers."
The IoD's Mr Walker said: "Executive remuneration at the largest UK companies has risen at an unsustainable rate as it has decoupled from performance.
It is right that shareholders are given the tools with which to exercise robust oversight." Concern was expressed about more flexible working for fathers.
Sheila Fahy from Allen & Overy said: "Sounds like great news for parents. Sounds like a nightmare for employers to administer." Mr Walker added: "Sharing the allowance is fine, but putting heavier burdens on business in these tough times would not be a sensible move."
telegraph.co.uk
The Coalition said it planned to forge ahead with economic and financial reforms this Parliament, although business leaders said ministers still weren't moving fast enough.
John Longworth, director-general of the British Chambers of Commerce, said the Government "could have been bolder".
"The Banking Reform Bill does not include a fully-fledged British business bank, which we believe is necessary to address the finance gap facing many companies," he said.
"Ministers are wasting parliamentary time on House of Lords reform and other politically-motivated measures, rather than on more support for growth and jobs."
Simon Walker of the Institute of Directors (IoD) said business needed "drastic measures to cut costly regulation and continue to tackle the deficit. Tweaking the edges of the system will not be enough," he said.
The Queen said the Government would introduce legislation including
:• An Enterprise & Regulatory Reform Bill that would make shareholder votes on executive pay binding; curb the number of employment tribunals; introduce more flexible working for fathers; create a Green Investment Bank.
• A Banking Reform Bill to implement the proposals made by John Vickers, chairman of the Independent Commission on Banking, including the separation of retail and investment banking.
• A Groceries Code Adjudicator Bill – a long-awaited measure to prevent supermarkets from squeezing suppliers.
• Bills to overhaul the electricity and water industries. The business leaders cautiously welcomed plans to introduce binding votes on director pay.
John Cridland, director-general of the CBI, said: "Shareholder power is now being felt in the boardroom, and the Government should be careful that new legislation supports accountability to shareholders but does not try to turn them into micro-managers."
The IoD's Mr Walker said: "Executive remuneration at the largest UK companies has risen at an unsustainable rate as it has decoupled from performance.
It is right that shareholders are given the tools with which to exercise robust oversight." Concern was expressed about more flexible working for fathers.
Sheila Fahy from Allen & Overy said: "Sounds like great news for parents. Sounds like a nightmare for employers to administer." Mr Walker added: "Sharing the allowance is fine, but putting heavier burdens on business in these tough times would not be a sensible move."
telegraph.co.uk
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