Business, Energy and Industrial Strategy

The Competition and Markets Authority (CMA) has sought a repayable cash advance from the contingencies fund of £14,700,000 to ensure the CMA’s relocation to Canary Wharf remains on schedule.

The CMA will receive its voted funding for this project at the main estimate, and consequently may only draw the related cash from the consolidated fund after the Supply and Appropriation Act has received Royal Assent in July 2019. This requirement has arisen because the 2019-20 capital expenditure for the construction works at the CMA’s new offices at Cabot Square exceeds the vote on account for capital expenditure prior to Royal Assent. The requirement to include the voted funding in the main estimate was agreed after the vote on account for 2019-20 was approved.

The cash advance will ensure the project stays on track and on budget and ensure that the CMA also meets its operational needs.

Parliamentary approval for additional capital of £14,700,000 will be sought in the main estimate for the CMA. Pending that approval, urgent expenditure estimated at £14,700,000 will be met by repayable cash advance from the contingencies fund.

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The Internal Market and Industry Day of the Competitiveness Council will take place on 27 May 2019. Katrina Williams, Deputy Permanent Representative of the United Kingdom to the European Union, will represent the UK.

The Research and Space Day of the Competitiveness Council will take place on 28 May 2019. Chris Skidmore MP, Minister of State for Universities, Science, Research and Innovation, will represent the UK.

The Internal Market and Industry Day will consider a number of non-legislative items, including a competitiveness “check-up”. Attendees will be asked to debate and agree the adoption of conclusions on “a new level of ambition for a competitive single market” and “an EU industrial policy strategy: a vision for 2030”. This will be followed by the adoption of “conclusions on the competitiveness of the tourism sector as a driver for sustainable growth, jobs and social cohesion in the EU for the next decade”.

Under any other business, there will be updates on the following current legislative proposals: (a) the directive on cross-border conversions, mergers and divisions; (b) the directive on the modernisation of the EU consumer protection rules; (c) the directive on representative actions for the protection of the collective interests of consumers; and (d) the regulation on the general safety of vehicles.

The presidency with also provide information on better regulation and the forum dedicated to the auto industry. Finally, the Finnish delegation will provide information on the work programme of the incoming Finnish presidency.

Our modern industrial strategy seeks to maintain the UK’s global reputation as a good place to do business. People come to Britain confident in our high corporate standards, including market transparency, which foster confidence and trust. Transactions are improved and the market has greater confidence when people know who they are doing business with, while lack of transparency can facilitate criminal behaviour.

The 2017 national risk assessment of money laundering and terrorist financing highlights the fact that property continues to be an attractive vehicle for criminal investment, in particular for high-end money laundering. The risks relating to abuse of property are most acute where property is owned anonymously through corporate structures or trusts.

This Government committed at the 2016 international anti-corruption summit to create a register showing the beneficial owners of overseas entities which own or buy property in the UK. The Government also committed in primary legislation, through section 50 of the Sanctions and Anti-Money Laundering Act 2018, to report to Parliament annually on the progress that has been made towards putting in place such a register.

Over the past year, significant progress has been made towards the introduction of the register.

The Government published a draft Registration of Overseas Entities Bill on 23 July 2018 and invited comment on it from interested parties. Some 29 responses were received from civil society groups, the property sector and others, which has informed the development of the register. The draft Bill and explanatory notes set out how the register will operate.