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1156199
registered interest false more like this
date less than 2019-10-24more like thismore than 2019-10-24
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading Civil Society more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps she has taken to promote (a) social enterprise and (b) other alternative forms of business. more like this
tabling member constituency Sefton Central more like this
tabling member printed
Bill Esterson remove filter
uin 5003 remove filter
answer
answer
is ministerial correction false more like this
date of answer less than 2019-10-30more like thismore than 2019-10-30
answer text <p>The Government welcomes the contribution which social enterprises make to local growth and prosperity in our communities up and down the country. The UK’s company law framework allows for a variety of business forms, in part to suit those adopting social or environmental purposes.</p><p> </p><p>We welcome the growth of purposeful businesses and have taken steps to encourage and enable this trend. The Government encouraged the business-led development of ‘Purposely’, a tool to help social entrepreneurs embed purpose into their businesses using the flexibility provided in the Companies Act; it also established the Inclusive Economy Partnership to harness the power of business as a force for good in our society; and it has supported the new Impact Investing Institute to grow social investment.</p><p> </p><p>Community Interest Companies (CICs) are a huge success story. They are delivering benefits to more and more of our communities right across the UK. CICs have grown exponentially since 2005. There are now over 17,000 now on the public register. They are promoted by the Regulator of Community Interest Companies, which is an independent statutory office holder appointed by my rt. hon. Friend the Secretary of State.</p><p> </p><p>The UK’s corporate governance framework has been updated to promote purpose in businesses. The UK’s Corporate Governance Code was revised, with effect from 1 January 2019, to promote the importance of having a clear corporate purpose. The Governance Principles for Large Private Companies developed last year by Sir James Wates do the same. Company reporting requirements, also introduced this year, now require companies to report how they have regard to wider societal interests within the meaning of Section 172 of the Companies Act.</p>
answering member constituency Rochester and Strood more like this
answering member printed Kelly Tolhurst more like this
grouped question UIN
5004 more like this
5005 more like this
question first answered
less than 2019-10-30T16:53:08.67Zmore like thismore than 2019-10-30T16:53:08.67Z
answering member
4487
label Biography information for Kelly Tolhurst more like this
previous answer version
2601
answering member constituency Rochester and Strood more like this
answering member printed Kelly Tolhurst remove filter
answering member
4487
label Biography information for Kelly Tolhurst more like this
tabling member
4061
label Biography information for Bill Esterson more like this