Lawmakers must Revert Back to the Business Law Principles as UK direct the Route to Brexit

ACCA has recently published guidance in which key principles are identified on the basis of which a business law must be prepared for the companies and individuals to follow within the UK. The guidance has been published by ACCA as the UK policymakers have started detaching laws and regulations that were adopted at the first place by the UK because of being a member of the EU and therefore the UK policymakers need to establish laws and regulations for the UK to adopt after completely detaching the laws and regulation of the EU.

As per the guidance released by ACCA, there are four principles of a business law, and four of those are mentioned below:

Simplicity: 

All types of businesses and laws that will be used to regulate these different types of businesses should be limited in scope and these should also be easy to explain and to understand as well.

Openness and transparency: 

Lawmakers should consult stakeholders in business when implementing new business laws. The policy makers should be transparent with their communication with businesses with regards to the design and implementation of new business laws. The Lawmakers should provide indications to businesses of its future intention and the direction in which they want to steer the business environment.

Fairness:

The business laws should not only be just and fair among businesses but also between society and business and among discrete groups of stakeholders. Governments should also be ready and prepared to step in situations where the use of competitive advantage becomes an abuse and also an acceptable norm within the business environment.

Accountability:

Business law should facilitate the accountability of business, fostering trust in businesses. There should be a framework in place that encourages business enterprises to communicate with external stakeholders (for example, through the publishing of annual accounts).  

The legal framework which is used to regulate business entities operating within a country plays a big role in the economy, growth and attractiveness of that country. The detachment of the UK from the EU has provided the UK with both challenges and opportunities.

However, it is time for the UK to revert back to the principles in relation to the business law and to make sure that we establish a framework that can be employed in the long run and also fulfills the requirement of being just and fair and also provides a criteria for the accountability of business entities that are operating both within the boundaries UK and in other parts of the world.