ACCA: Policymakers must return to the principles of business law as they navigate Brexit

18 April 2017

As UK policymakers begin to detach laws and regulations from those of the EU, ACCA has published guidance on the key principles on which business law must be based.

According to ACCA’s Four tenets of business law, released today, these are:

• Simplicity:business structures and the laws setting them out should be defined in scope and easy to understand and explain.
• Openness and transparency:government should be open and transparent with businesses when designing and implementing business law. The government should give key indications of the direction it wants to steer businesses in so that a business can plan for the long term and stability is encouraged.
• Fairness:business law should be fair between businesses and between business and society. Governments should be ready to step in if the exploitation of competitive advantage becomes an abuse. Governments must also ensure that they themselves do not implement rules that discriminate unfairly against businesses from other jurisdictions.
• Accountability:businesses should be prepared and able to explain their strategies to stakeholders.

‘The legal framework in which a country’s businesses operate has a huge impact on its economy, growth and attractiveness,’ said Jason Piper, senior manager – tax and business law at ACCA.

‘The detachment of the United Kingdom from the EU brings both challenges and opportunities. We have the opportunity to revisit our fundamental laws and regulations to ensure that they are fit for purpose and give UK businesses the right conditions to succeed and grow.’

Full press release

 

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