The new government: what does this mean for commercial lawyers?

The new government: what does this mean for commercial lawyers?

It all felt very ‘1992’ this morning.

In that year nobody predicted success for John Major’s Conservatives; yet he won the general election of that year with a majority of 21 MPs.

Today, David Cameron exceeded the expectations of commentators and pollsters alike and has clocked up a majority of 12.

There will be no coalition agreements nor any supply and confidence arrangements. Indeed a reshuffle is taking place now:

So what does the future hold for commercial lawyers?

Here’s what has caught our eye in the Conservative Party manifesto.

  • Red tape: a cut of a further £10 billion of red tape over the next Parliament through the Red Tape Challenge and One-In Two-Out rule
  • Procurement: the target for SMEs’ share of central government procurement will be increased to one-third; the Prompt Payment Code will be strengthened and all major government suppliers will be obliged to sign up to it
  • Late payment: a new Small Business Conciliation service will be established to mediate in disputes, especially over late payment
  • Tax simplification: the Office of Tax Simplification (OTS) will be established on a permanent basis and its role and capacity expanded
  • ‘Buy British’: there will be help for consumers to ‘buy British’ by pushing for country of origin labelling in Europe, particularly for dairy products
  • Supermarkets: t

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